Moneysupermarket sinks after revenue update

Shares in FTSE 250 financial comparisons site Moneysupermarket (LON:MONY) dropped by 10.50% to 238.97p (as of 14:00 BST) after posting an 11% fall in revenues for the nine months ended 30th September. Revenues for the third quarter were down by 16% with all categories declining as COVID continued to impact the business. There have been recent signs of improvement in motor insurance, but the outlook in other categories remains bleak.

CEO Peter Duffy commented: “I’m delighted to have joined Moneysupermarket Group, a business that is helping households save money in such challenging times. Our markets continue to be impacted by COVID-19, which is affecting our current performance. However, the Group benefits from strong brands and high levels of cash conversion, so we are well positioned to weather this period of economic uncertainty and deliver future growth“.