Moneysupermarket.com (LSE:MONY) Group PLC said that it does not expect energy market conditions will improve this year and so switching will be “negligible” in the fourth quarter.
Last year, it accounted for 16% of group revenue in the last three months of the financial year.
The hike in gas prices kept customer savings “at unattractively low (and often negative) levels” during the summer, the FTSE 250 group said, while the further increases in September prompted providers to remove tariffs from the market, with very little energy switching.
The wider business is forecast to see continued strong gross margin performance and full-year underlying earnings (EBITDA) in line with current market expectations.
In the three months ended 30 September, revenue dropped by a tenth to £76mln, with insurance and home services down 10% and 46% respectively, while money and travel climbed 58% and 29% respectively.
In insurance, competition for visitors intensified though car and home insurance markets softened. Travel insurance returned to almost half of 2019 revenue for the quarter.
In money, borrowing conversion continued to improve and banking benefitted from further promotional deals, so the segment revenue was nearly back to pre-pandemic levels.
Travel saw some recovery, with revenue hovering around a third of 2019 figures.
Moneysupermarket.com (LSE:MONY) has also unveiled plans to buy consumer cashback business Quidco for £87mln, on a debt-free and cash-free basis but with a further £14mln deferred.
Quidco is the second-largest cashback business in the UK with around 1mln transacting users. It offers cashback at around 4,500 merchants including retail, travel and switching services.
“We have experience of bringing complementary businesses into the group and helping them thrive while sharing their capabilities more widely,” said Moneysupermarket chief executive Peter Duffy.
“Our growing stable of well-known and trusted consumer brands will provide households with an even more compelling savings offer.”