Consumer concerns hit Moneysupermarket

Shares in FTSE 250 comparisons site Moneysupermarket (LON:MONY) fell by 6.41% to 324p (as of 15:15 BST) as it reported that both the consumer and provider sides of its business had seen significant tightening during the lockdown. The company said that there was currently little appetite for lending and searches for credit products were down by 37% year-on-year, while some insurance categories had seen large drops in demand due to changes in behaviour linked to the lockdown.

CEO Mark Lewis commented: “Through this difficult time for household finances, the group has continued to help our customers save money – over £800m so far this year.

“The lockdown restrictions have had a significant impact across our marketplace. As the lockdown eases, we’ve seen motor insurance start to recover. But with substantially fewer financial services products on offer from providers, our Money business is significantly suppressed.

“Our Home Services performance has remained strong, delivering growth ahead of the market as consumers take advantage of attractive energy offers and boost their broadband. We will shortly launch our energy auto-switching service on MoneySavingExpert, making it even easier for customers to save money “.