Moneysupermarket.com Group PLC Q3 Trading Statement (4984P)
October 19 2021 - 2:00AM
UK Regulatory
TIDMMONY
RNS Number : 4984P
Moneysupermarket.com Group PLC
19 October 2021
19 October 2021
Q3 2021 update
Moneysupermarket.com Group PLC reports trading results for the
quarter ended 30 September 2021
Revenue for the 3 months Revenue for the 9 months
ended 30 September 2021 ended 30 September 2021
GBPm Growth % GBPm Growth %
Insurance 41.3 (10) 121.8 (10)
Money 19.7 58 55.0 12
Home Services 13.9 (46) 59.3 (25)
Travel 1.5 29 2.5 (55)
--------- ----------
Total 76.4 (10) 238.6 (11)
--------- ----------
Travel includes trading from TravelSupermarket for the quarter
and GBP0.1m of revenue for Icelolly.com from 1 September 2021, when
the acquisition completed. Decision Tech is now reported within
Home Services (with prior year comparables similarly restated).
Unprecedented energy market conditions impact revenue
-- In Insurance, competition for visitors intensified while car
and home insurance markets softened. We continued to optimise our
customer acquisition, resulting in a higher gross margin rate year
on year in our main insurance channels. Travel insurance returned
to almost half of 2019 (pre-COVID) revenue for the quarter.
-- In Money, borrowing conversion continued to improve and
banking benefitted from further promotional deals. Overall Money
revenue for the quarter was close to 2019 levels.
-- In July and August, wholesale energy prices continued to rise
steeply, keeping customer savings at unattractively low (and often
negative) levels. The further substantial increases in wholesale
prices from mid-September led to providers removing tariffs from
the market, and negligible energy switching.
-- We saw some recovery in Travel, weighted towards the end of
the quarter. In September, TravelSupermarket revenue was at c.30%
of 2019 levels.
We have continued to deliver on our strategy to efficiently
attract, retain and grow our customer relationships, building a
flexible platform to support our brand portfolio. This has enabled
us, despite the energy market conditions, to deliver a slightly
higher quantum of gross profit than in Q3 2020.
Acquisition of Quidco
Today we have announced the acquisition of Quidco (see separate
RNS). We will hold a Q&A session today at 9.00am with Peter
Duffy (CEO) and Scilla Grimble (CFO) that can be accessed via
https://edge.media-server.com/mmc/p/dmo9mrkz.
Outlook
Across the business, we expect to see continued strong gross
margin performance and therefore anticipate full-year EBITDA in
line with current market expectations. We do not anticipate energy
market conditions will improve this year and therefore expect that
switching will be negligible in Q4 (energy accounted for 16% of
Group revenue in Q4 2020).
Peter Duffy, CEO of Moneysupermarket Group, said:
"We have continued to make improvements in our business,
building towards a leading data, marketing and technology platform.
We maintained our strong margin performance and good cash
conversion despite the very tough energy market. We are encouraged
by the performance of Money and the early signs of Travel recovery
following changes to travel restrictions."
Notes: Adjusted EBITDA is operating profit before depreciation,
amortisation and impairment and adjusted for other non-underlying
costs. Market expectations of adjusted EBITDA for 2021 from the
analyst consensus on our investor website are in a range of
GBP93.1m to GBP99.9m, with an average of GBP96.5m.
For further information, contact:
Scilla Grimble, Chief Financial Officer scilla.grimble@moneysupermarket.com / 0203 826 4667
Ian Gibson, Strategy & IR Director ian.gibson@moneysupermarket.com / 07974 197742
William Clutterbuck, Maitland AMO wclutterbuck@maitland.co.uk / 0207 379 5151
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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