Q1 2024 Update
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Continued strong growth in insurance; full year guidance in line.
| Revenue | Q1 2024 | Q1 2023 | Growth |
|---|---|---|---|
| £m | £m | % | |
| Insurance | 61.4 | 50.6 | 21 |
| Money | 26.0 | 26.9 | (3) |
| Home Services | 8.8 | 9.6 | (8) |
| Travel | 6.0 | 5.4 | 10 |
| Cashback | 15.2 | 15.1 | 1 |
| Inter-vertical eliminations | (2.8) | (1.2) | 130 |
| Total | 114.6 | 106.3 | 8 |
Revenue in the quarter up 8%, with growth sustained in Insurance.
á Insurance - strong revenue growth in car and home insurance continued, with high levels of switching sustained. Consumers are still seeing significantly increased car insurance premiums year on year.
á Money - strong performance in credit card switching supported growth in borrowing products. In banking there were fewer attractive banking offers at the start of the year compared to Q1 2023.
á Home Services - continued softness in broadband switching in a competitive market. As previously announced, we do not expect revenue from energy switching to notably increase from 2023, when revenues were immaterial.
á In Travel, we continued to grow in a competitive market and in Cashback, growth reflects momentum in services, including Insurance, where we launched Quidco Compare on the Group platform in 2023.
SuperSaveClub
We saw continued growth in SuperSaveClub member numbers, our loyalty and rewards programme launched in September 2023. We now have over 300,000 members and have expanded to 10 products, giving customers more ways to save with us. Compared to traditional MoneySuperMarket visitors, Club members to date are purchasing more products, and are more likely to come to us directly than through paid sources.
Outlook
The Board continues to anticipate that adjusted EBITDA for the year will be in line with current market expectations*.
Peter Duffy, CEO of Moneysupermarket Group, said:
ÒOur mission is to help households save money. We are delighted to see momentum in SuperSaveClub continue, with more customers able to save more money across more products. By helping UK households save on their bills, we create sustainable and profitable growth for the Group.Ó
Notes: Adjusted EBITDA is operating profit before depreciation, amortisation and impairment and adjusted for other non-underlying costs.
* Market expectations of adjusted EBITDA for 2024 from the analyst consensus on our investor website is £139.8m with a range of £133.7m to £143.7m.
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