Moneysupermarket.com Group PLC’s (LON:MONY) shares were in the bargain basement after growth slowed in its latest quarter.
The price comparison website posted 4% higher revenues of £100.9mln in the three months to September, but that compared badly with the 15% and 19% growth seen in the previous two quarters.
The main sticking point was its Money division, which represents a fifth of the company’s total revenues and saw revenues drop 5% to £20.6mln.
Money will weaken further in the last quarter, the comparison site warned.
Energy switching remained solid due to the great provider offers and large customer savings.
Moneysupermarket’s chief executive Mark Lewis said: "The group continued to grow in the quarter, with strong trading in energy showing that there are still big savings to be made by customers even though the price cap is lower.”
Broker Liberum said that the group's weaker performance in money and insurance should be attributed to "subdued market conditions as opposed to Moneysupermarket’s competitive position within price comparison", adding that Moneysupermarket's new strategy is a "fundamental game changer", using first party data to push personalised deals to consumers.
The website is in the second year of its so-called ‘Reinvent’ strategy, which aims to personalise deals for customers, as well as offer new products such as mortgages.