Moneysupermarket parent group saw energy deals surge ahead of price cap rise
Moneysupermarket said it saw a surge in its energy and home services business as suppliers raised promotional deals in advance of prices rising again in April.
The company, which is owned by London-listed Mony Group, said the growth in deals had helped it deliver a 'modest increase' in revenue from January to the end of April compared with the same point last year.
That is despite having had 'an exceptionally strong comparative period in 2024″, it said.
The group was updating investors on its financials ahead of its annual general meeting on Thursday.
The energy price cap was hiked again in April, which saw customer bills reach an average of £1,849 a year.
At the time, consumer groups urged the 22 million homes still covered by the cap to consider fixing their prices so they would not be affected by the rise.
Mony Group said it is on course to meet its full-year profit guidance and that its money division had seen 'continued momentum' despite fewer banking promotions.
Meanwhile, its travel comparison service 'remains stable despite the challenging economic conditions and uncertainty currently impacting the UK consumer'.
It comes after the group reported record revenues in 2024 as it benefited from growth in its insurance arm.
The insurance division also enjoyed strong trading in home, life and travel insurance, which partly offset 'continued headwinds' in the car insurance switching market.
The company added that its SuperSaveClub membership platform passed 1.3 million members.
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