Moneysupermarket revenue hit by soaring energy costs as home services impacted
Price comparison website Moneysupermarket has posted a revenue loss thanks to soaring wholesale energy prices.
Revenue was down eight per cent from £344.9m in 2020, to £316.7m, in results for the year ended 31 December posted on Thursday.
The company said its home services had been “heavily impacted” by wholesale energy prices, while performance in its Money section was “strong”.
Profit after tax slipped to £52.1m, down 25 per cent from £69.3m the year prior.
However, the group was optimistic about the months to come, pointing to its acquisition of cashback site Quidco and insurance aggregator specialist CYTI.
A merger between TravelSupermarket and Icelolly.com has also positioned the group better for the travel recovery.
Peter Duffy, CEO of Moneysupermarket Group, said: “In a tough year for some of our markets, we delivered well against our strategy. Our work to attract customers more efficiently led to margin improvements, and our transition to a leading, flexible tech and data platform is on track. We’re building a more dynamic and efficient organisation, with better pace of delivery.”