Moneysupermarket.com Group PLC Q3 Trading Statement (8426C)
October 22 2020 - 2:00AM
UK Regulatory
TIDMMONY
RNS Number : 8426C
Moneysupermarket.com Group PLC
22 October 2020
22 October 2020
Q3 2020 Update
Moneysupermarket.com Group PLC reports trading results for the
quarter ended 30 September 2020
3 months to 9 months to
30 September 30 September
2020 2020
GBPm Growth GBPm Growth
% %
Insurance 45.7 (8) 135.1 (7)
Money 12.5 (40) 48.9 (27)
Home Services 15.5 (13) 53.4 3
Other revenue 11.5 (9) 30.9 (12)
Total 85.1 (16) 268.4 (11)
------ -------- ------ -------------
Continued market disruption impacts performance
Group revenue declined 16% in Q3, with ongoing COVID-19
disruption affecting several channels:
-- Insurance performance overall was consistent through the
quarter and slightly ahead of June. Motor continued its strong
performance, although home and life declined year on year and
travel insurance revenue remained negligible.
-- Trading dynamics in Money were similar to Q2, with tightened
lending criteria and low product availability in banking leading to
weak performance. We continued to see good levels of search demand
for lending products.
-- Home Services grew in July driven, in particular, by strong
energy performance on MSE. However, as the quarter progressed,
revenue growth began to slow. The energy price cap fell as
expected, while wholesale prices rose. As a result, the level of
savings available to customers fell sharply, and energy market
switching reduced substantially.
-- Within Other, Decision Tech continued to grow strongly, with
B2B broadband performing particularly well. This was offset by
trading in TravelSupermarket remaining heavily subdued because of
ongoing travel restrictions.
-- We continue to benefit from a strong balance sheet and robust
operating cash flows. After payment of our interim dividend, we
hold a net cash position of GBP5m (as at 30 September 2020).
Outlook
In Insurance, motor has benefitted from strong but slowing
market growth. We are not seeing similar growth in other core
insurance channels. We have seen little improvement in lending
criteria or banking product availability, and the travel market
remains severely disrupted. The current low level of savings
available in energy is likely to limit growth in Home Services
during Q4.
Peter Duffy, CEO of Moneysupermarket Group, said:
"I'm delighted to have joined Moneysupermarket Group, a business
that is helping households save money in such challenging times.
Our markets continue to be impacted by COVID-19, which is affecting
our current performance. However, the Group benefits from strong
brands and high levels of cash conversion, so we are well
positioned to weather this period of economic uncertainty and
deliver future growth."
For further information, contact:
Scilla Grimble Chief Financial Officer scilla.grimble@moneysupermarket.com / 07790 365098
Ian Gibson, Strategy & IR Director ian.gibson@moneysupermarket.com / 07974 197742
William Clutterbuck Maitland AMO wclutterbuck@maitland.co.uk / 07785 292617
This statement may include statements that are forward looking
in nature. Forward looking statements involve known and unknown
risks, assumptions, uncertainties and other factors which may cause
the actual results, performance or achievements of the Group to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Except as required by the Listing Rules and applicable
law, the Group undertakes no obligation to update, revise or change
any forward-looking statements to reflect events or developments
occurring after the date such statements are published. The
information in this release is based on management information.
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END
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