Proactive Investors - Run By Investors For Investors on track as first-quarter revenues rise 4%

More people switching their energy provider helped to drive the growth in the opening three months of the year, although commission from people switching banks fell
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According to WebFG, analysts are expecting a pre-tax profit of £111.7mln on revenues of £346mln this year

Price comparison group Group PLC (LON:MONY) has told investors trading is on track after reporting a 4% rise in first-quarter revenues.

Total revenues rose to £88.3mln in the three months ended March 31 – in line with expectations and up from £85.0mln a year earlier.

Driving the growth was strong insurance switching which was underpinned by competitive pricing, while the home services division enjoyed growth in core energy switching.

Money switching revenues fell though, which Moneysupermarket said was due to fewer promotional products compared to the same period of 2017.

READ: Moneysupermarket downgraded by Citigroup

“Trading is on track in this year of transformation as we reinvent the business to help people save more money,” said chief executive Mark Lewis.

“We are expanding our product engineering hub in Manchester to improve the customer journeys on our sites and plan to unlock future growth with the agreement to acquire Decision Tech - a leader in home communications price comparison and white label B2B comparison services.”

Revenues for insurance rose 4% to £471.mln (Q1 17: £45.4mln), home services showed a 15% improvement to £11.5mln (Q1 17: £10mln), while money fell 1% to £23.1mln (Q1 17: £23.3mln).

Moneysupermarket said the board remains confident of hitting current market expectations in 2018.

Shares nudged 0.6%, or 1.8p, higher to 285.3p.

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