Moneysupermarket shares higher on energy price cap boost

Moneysupermarket shares have jumped as the price comparison group hailed a “strong” first quarter as the energy price cap drove customers to the service.

Total revenue was up 19% to £104.9 million during the period, in part thanks to the acquisition of Decisions Technologies last year which added £6.2 million.

Shares in the company were 7.77% higher in early trading on Thursday.

The energy price cap caused high levels of energy switching during the period.

Home Services had an “exceptional” quarter, with revenue soaring 70%. Moneysupermarket said this was expected to moderate through the year.

Insurance revenue grew 3%. Motor insurance improved, but was partially offset by subdued trading in life insurance due to tough competition.

Meanwhile the Money unit was 9% higher, compared to a weak quarter this time last year.

Chief executive Mark Lewis said: “The reinvent strategy continues with a strong first quarter of trading, notably helping a record number of customers beat the rising energy price cap.

“Moneysupermarket innovation continues, we have new branding and advertising to remind everyone how we can help them with their finances and ‘get money calm’, and new products like Credit Monitor are on the site.”

The board reiterated its expectations for the year and confirmed that it would pay a special dividend of 7.46p per share.