22nd Apr 2008 07:00
Moneysupermarket.com Group PLC22 April 2008 Moneysupermarket.com Group PLC Interim Management Statement 22 April 2008 In advance of its AGM to be held at 10.30am today, Moneysupermarket.com GroupPLC ("Moneysupermarket.com" or the "Group"), the UK's leading price comparisonsite, announces its Interim Management Statement relating to the period from 1January 2008 to the latest practicable date prior to the publication of thisstatement, being 21 April 2008. The financial and operational data set out belowis in respect of the Group's first quarter (1 January 2008 to 31 March 2008)unless otherwise stated. The financial results for the Group for the first quarter, and the performanceof the Group in the year to date, are in line with the Board's expectations. Wehave made a solid start to the year with Group revenues having grown by morethan 30% over the same period last year. The Money vertical has enjoyed revenue growth in excess of 10% in the firstquarter compared to the same period last year. Visitor growth has also continuedto remain strong with growth rates in excess of 15% over the same period lastyear. Trading within loans and mortgages has been challenging. However, revenuesin these channels have been broadly flat in the first quarter compared to thesame period last year in what for the financial services industry as a whole hasbeen a declining market. The credit cards and savings channels have continued tosee significant growth driven both by improved commercial terms with providerstogether with a significant increase in visitors. With mortgage approvalsreported to be 40% down, the performance of our business shows the benefit of adifficult market to the price comparison channels. The Insurance vertical has maintained the momentum seen in the second half of2007. Revenue has grown in excess of 50% over the first quarter last year witheach of the major channels performing well. Visitors have grown in excess of 30%(1). We have also seen improvements in Revenue per Visitor from improvedcommercial terms with providers and continued improvements in conversion rateson provider sites. The Travel vertical has also delivered strong results with revenues and visitorsin excess of 50% ahead of the same period last year. Revenues in Home Services are more than 100% ahead of the first quarter lastyear primarily from increased revenues in the Utilities channel. Visitors to theHome Services vertical have grown by more than 30%. The intermediary business has performed in line with expectations with revenuesmarginally down on the same period last year, impacted in part by the turbulentcredit markets. As indicated at the time of the preliminary results we have seen a steppedincrease in our cost base. Costs have increased, in line with plan, as a resultof the introduction of a dual data centre to provide business continuity andinvestment using temporary resource to further increase the scalability andresilience of the Group's technology offering together with costs of the Germanoperation. The Board does not anticipate a further step up in the cost baseduring the remainder of 2008. The underlying UK business continues to generate EBITDA margins in excess of30%, which is broadly in line with the second half of last year. As the Group enters the second quarter, growth rates continue to remain strongand the current financial year continues to progress in line with the Board'sexpectations. The Group is well positioned in each of its chosen markets andremains confident in its growth prospects. Simon Nixon, Chief Executive Officer said "We have made a solid start to theyear with over 30% revenue growth year on year. This highlights the resilienceof our business model, the strength of our market position and the benefits ofour diversification into a number or verticals." Contact details Moneysupermarket.com Group PLC Paul Doughty Chief Financial Officer 020 7353 4200Alexander Cowen-Wright Public Relations Manager 07802 455893 Tulchan Communications David Trenchard 020 7353 4200 Celia Gordon Shute 020 7353 4200 (1) As noted in the prospectus in connection with its listing, the Group'svisitor numbers during the period between June 2006 and May 2007 wereunderstated due to certain visitors not being assigned a unique global user ID.The issue was resolved in May 2007 and has not impacted visitor numbers in theInsurance vertical after May 2007. The Group has been unable to quantify theexact extent of the understatement. Notes: •This announcement includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update or change any forward looking statements to reflect events occurring after the date such statements are published. •The information in this release is based on management information. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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