Moneysupermarket falls 6% amid ‘suppressed’ business

Shares of Chester-based price comparison website Moneysupermarket Group fell about 6% on Thursday after the firm issued a Covid-19 trading update saying its money business is “significantly suppressed.”

Moneysupermarket told investors: “It is still too early to have full visibility on when and how the consumer and provider sides of our marketplace will be back to normal, so we continue to suspend forward financial guidance for 2020 …

“Across the market, car insurance search volumes declined by 22% year on year in April, recovering gradually in May to more normal levels in recent days …”

Moneysupermarket Group CEO Mark Lewis said: “The lockdown restrictions have had a significant impact across our marketplace.  

“As the lockdown eases, we’ve seen motor insurance start to recover. 

“But with substantially fewer financial services products on offer from providers, our Money business is significantly suppressed. 

“Our Home Services performance has remained strong, delivering growth ahead of the market as consumers take advantage of attractive energy offers and boost their broadband. 

“We will shortly launch our energy auto-switching service on MoneySavingExpert, making it even easier for customers to save money.”