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Moneysupermarket Q3 revenues fall 16%

Moneysupermarket Group has reported group revenue tumbled by 16% in its third quarter of trading.

The company attributed the decline to the “ongoing Covid-19 disruption” across its business.

The firm’s insurance division revenues fell 8%, despite motor insurance performing well for the firm. Meanwhile, travel insurance revenues were reported as “negligible”. 

Hardest hit was the business’ money revenue growth, falling by 40%

Peter Duffy, CEO of Moneysupermarket Group, 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.”

Looking ahead to Q4, slowing market growth for motor insurance will reportedly be “accompanied by no such growth” in the firm’s other insurance channels.

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