Moneysupermarket.com Group PLC (LSE:MONY) has revealed robust revenue growth for the first quarter following a strong recovery in travel and insurance.
Total revenue jumped to £106.3mln in the three months to 31 March 2023, up 15% on the same period last year, and the online finance comparison provider said it is "confident" of meeting market forecasts for this year.
Insurance revenue grew by 23% to £50.6mln, with car insurance showing a strong recovery after new FCA pricing regulations for general insurance impacted the market last year.
Revenue from the group's Travel business surged by 63% to £5.4mln in the period, with travel insurance around 50% higher than pre-pandemic 2019 levels.
In Money, revenue rose by 9% to £26.9mln, driven by promotional offers in banking, although that was partially offset “by the continuing weakness in borrowing conversion, particularly in loans”, the company said.
"This is a strong performance led by recovery in Insurance and Travel,” Moneysupermarket.com CEO Peter Duffy said in a statement. “Our strategy of making it easier for people to save on more of their bills is going well and means we're helping consumers cope with cost of living pressures."
Shares rose 2.5% to 254.40p in opening trade.