Comparison website company Moneysupermarket.com Group announced that despite a flat period of credit card and loan switching, growth within insurance will help it meet forecasts of a record year.
Subdued interest rates affected the rate of which consumers switched current accounts and adversely affecting revenues by £800,000 however the board said a buoyant insurance sector will cause it to meet full year expectations.
The group earned revenues of £84.9m during the three months to 30 September, an improvement of 12% compared to the same period in 2015, boosting the top line by 10% to £242.5m for the year to date.
The company invested in new technology and said that it benefitted through added data from providers. Credit cards and loans saw high single digit growth however saving switching has been pressured due to low interest rates causing the division to be flat in the quarter.
MoneySavingExpert did however see its biggest ever switch with over 180,000 homes using the company to cut annual energy bills as the Energy segment continues its solid growth.
Peter Plumb, CEO of Moneysupermarket.com Group, said:
“The Group is on track for a record year, insurance is back to strong growth and MoneySavingExpert’s latest collective energy switch was the biggest ever; helping over 180,000 households cut their annual energy bills.
“Our technology platform is allowing innovative services to be pioneered, including MoneySavingExpert’s Credit Club and MoneySuperMarket’s mobile App service.
“Moneysupermarket is well placed to lead the market in helping many more households save more money on their household bills in the years ahead.”
The business added that in October the group traded well whilst insurance growth continues to accelerate.