Market Update Economic Events Directors Deals Commodities Prices News Market Movers poss 19% rise in Q1 revenue, leaves FY outlook unchanged

Thursday, 18th April 2019
Price comparison website reported an increase in first-quarter revenue, boosted by the "exceptional" performance of the Home Services sector.

The company said that revenue rose 19% to £104.9m for the quarter ending 31 March 2019. Home Services revenue grew 70% to £19.6m, Money 9% to £25.3m and Insurance 3% to £48.3m.

The company said that motor insurance benefited from improved conversion while the combination of attractive offers and the announcement of the price-cap increase meant energy-switching was exceptionally strong in the quarter. The positive momentum continued in Money, too, despite "lapping" a weak quarter in 2018.

Going forward, the company expected Home Services' performance to moderate over the year, but said its full-year outlook was unchanged and that it remained confident of meeting current market expectations.

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

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