16th Oct 2024 09:27
(Alliance News) - Mony Group PLC on Wednesday reported a decline in revenue driven by falls in Travel and Home Services revenues.
Mony is a tech-led savings platform based in Deeside, Wales. Its price comparison sites MoneySuperMarket, TravelSuperMarket and Icelolly help households save money on household bills and financial products.
Mony said revenue decreased by 2.3% for the three months ended September 30 to GBP112.9 million, down from GBP115.6 a year before.
This was attributed to "headwinds" in Travel, and "persistent soft market conditions" in Home Services.
Travel revenue was GBP5.2 million for the quarter, down 15% from a year before.
Home Services' revenue was GBP9.4 million, down 8% from a year previously.
More positively, Mony posted "solid" performances in Insurance and Cashback.
Insurance revenue was GBP62.7 million for the quarter, up 0.6% from a year before.
Cashback revenue was GBP14.2 million for the quarter, up 2.2% from a year previously.
Looking ahead, Mony said it remains confident that it will deliver full-year results in line with current market expectations.
Chief Executive Officer Peter Duffy commented: "We delivered a solid financial performance in the quarter, in line with our expectations, while lapping the very strong performance last year. I am also pleased with our continued strategic progress, especially in the SuperSaveClub which continues to grow with momentum, now reaching over 750,000 members."
Mony shares were down 3.9% at 203.80 pence each in London on Wednesday morning.
By Lydia Doye, Alliance News reporter
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