Moneysupermarket’s parent company has reported a two per cent drop in revenue to £112.9m in its third quarter, as travel and home services dragged down growth.
The price comparison company said low demand for broadband and fewer smartphone launches meant revenue from home services fell eight per cent. Revenue from travel was 15 per cent lower due to lower conversion in car hire.
These losses failed to offset small growth across its insurance and cashback arms, which grew one and two per cent, respectively.
The group rebranded in May, swapping the Moneysupermarket name on its corporate holding company to ‘MONY’.
Peter Duffy, chief executive of MONY, said: “We delivered a solid financial performance in the quarter, in line with our expectations, while lapping the very strong performance last year.
“I am also pleased with our continued strategic progress, especially in the SuperSaveClub which continues to grow with momentum, now reaching over 750,000 members.”
Moneysupermarket’s Supersaveclub passed 500,000 members in July, after sitting at only 300,000 in April of this year.
Mony said it is confident it will deliver full year 2024 results in line with current market expectations. The analyst consensus for 2024 is of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in a range of £135.8m to £142.1m, with an average of £140m.