Moneysupermarket reports 20 per cent revenue drop as travel interest remains "negligible"
A British price comparison website has reported that its revenues dropped by 20 per cent in the first quarter of the year.
Moneysupermarket Group, which specialises in comparisons of energy, financial services and insurance providers, saw revenues in the first three months of 2021 drop to £85.5m, down by 20 per cent from 2020’s £107.3m.
The company said that contributions from its travel-focused arm, TravelSupermarket, remained “negligible”, while revenue within its financial division dropped by 26 per cent.
Decision Tech, owned by Moneysupermarket Group, saw continued double-digit growth during the quarter, but reported a notice of termination from a “large volume” partner that contributed £15m of revenue last year.
Peter Duffy, CEO of Moneysupermarket Group, commented: “We continue to help millions of households save money on their bills through lockdown and the energy price cap rise.
“We are moving ahead with our updated strategy, enhancing how we manage our data and starting to attract customers more efficiently.
“Several channels remain impacted by Covid-19, but we are well positioned to weather this period and return shortly to profitable growth.”
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