Connect with us

Hi, what are you looking for?

Metaverse CapitalistsMetaverse Capitalists

Business

Moneysupermarket sales lifted as Brits go deal hunting to protect finances

A boom in consumers shopping around for better savings accounts has boosted sales for comparison site Moneysupermarket.

The platform profited from people hunting down better deals throughout last year and saw revenues across its money division, which compares current and savings accounts, credit cards, and loans, jump by 37 per cent.

The company said this was because of attractive promotional products, especially savings accounts, being available throughout the year.

There was also strong demand for loan products for most of the year, but noted that it weakened in the final quarter following September’s mini-budget, which saw lenders hike up interest rates on mortgage products.

It made mortgages less attractive for consumers at that time and dragged on its revenues over the final three months of the year, the firm said.

Moneysupermarket also saw revenues jump by 8 per cent across insurance over the year, which is its biggest division and includes car, home, travel and pet insurance.

Insurers like Direct Line and Admiral hiked up prices of premiums, particularly for car and home insurance, during 2022 after facing a surge in the cost of claims.

But this drove consumers to the comparison site as it prompted them to hunt for a better deal, the firm said.

It also helped offset declines following the introduction of new insurance pricing regulations, which banned so-called loyalty penalties for customers who stuck with their insurer and ended up paying significantly more than new customers.

However, the platform suffered a 42 per cent drop in revenue from home services due to the closure of the energy switching market, it said.

Moneysupermarket explained: “Throughout 2022 wholesale energy prices were above Ofgem’s price cap – therefore providers were unable to offer switchable tariffs with meaningful customer savings.

“The ongoing uncertainty in the energy market means it is unlikely that switching will return in 2023.”

Nevertheless, total revenues jumped by 22 per cent in 2022 to £388 million.

Its adjusted earnings were up by 15 per cent, from £101 million in 2021 to £116 million last year.

The firm makes money by taking a payment from companies when they list on the website or when people buy a product through the platform.

Peter Duffy, the chief executive, said: “I’m pleased to report a strong return to revenue and profit growth as we build strategic momentum.

“The progress we’ve made gives us the foundation for more product innovation which, amid a tough macroeconomic climate, will help households find even more ways to save with our portfolio of trusted brands.”

Moneysupermarket said it helped households save an estimated £1.8 billion in 2022.

Read more:
Moneysupermarket sales lifted as Brits go deal hunting to protect finances

    You May Also Like

    Business

    In the UK, the care sector is under incredible strain, it’s good to know there are people working hard to address the issue. One...

    Business

    With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord...

    Politics

    On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027,...

    Business

    Facebook is being challenged in the High Court over the personal details it collects on users in a case that threatens the company’s business...

    Dislaimer: pinnacleofinvestment.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 metaversecapitalists.com | All Rights Reserved