Moneysupermarket shares down 10% as revenue falls

Shares of Chester-based price comparison website Moneysupermarket Group fell about 10% on Thursday after it reported results for the quarter ended September 30, 2020, showing revenues fell 16% year-on-year to £85.1 million.

In its outlook, the company said: “In insurance, motor has benefitted from strong but slowing market growth.

“We are not seeing similar growth in other core insurance channels.

“We have seen little improvement in lending criteria or banking product availability, and the travel market remains severely disrupted.

“The current low level of savings available in energy is likely to limit growth in home services during Q4.”

Moneysupermarket Group CEO Peter Duffy said: “Our markets continue to be impacted by COVID-19, which is affecting our current performance.

“However, the group benefits from strong brands and high levels of cash conversion, so we are well positioned to weather this period of economic uncertainty and deliver future growth.”