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Moneysupermarket.com Group PLC has also published its Q3 2023 report, which showed a mixed performance across its sectors. The company reported a 14% overall revenue increase, led by its Insurance and Travel sectors, which grew by 38% and 31%, generating £62.3m and £6.1m respectively. Meanwhile, the Money sector saw a decrease of 10%, earning at £25.2m due to high interest rates affecting borrowing product conversion despite strong banking performance and current account promotions.
The Home Services sector experienced a slight decrease of 1%, bringing in £10.3m revenue. This was attributed to a slowdown in broadband switching, which was somewhat offset by growth in mobile switching. The Cashback sector also witnessed a downturn with a 3% decrease to £13.9m revenue, due to challenges in retail and telecom sectors. However, inter-vertical eliminations bucked the trend with an increase of 181% to £2.2m.
Despite these challenges, CEO Peter Duffy expressed confidence about meeting full-year expectations due to the company’s resilient business model and ongoing strategic progress. As part of this strategy, Moneysupermarket.com launched SuperSaveClub, a rewards and loyalty program under the MoneySuperMarket brand, aimed at driving profitable growth by helping customers save more. Market expectations for adjusted EBITDA for 2023 range from £128.6m to £132.2m, with an average of £129.5m.
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