Price comparison site Moneysupermarket.com enjoyed strong revenue and earnings growth in the first quarter of the year.
The group, which acquired the MoneySavingExpert site run by Martin Lewis last year, saw growth across its insurance, home services and travel businesses which more than offset lower demand in the 'Money' arm, with group revenues ahead 13%.
The company has been reaping the benefits of its "You're so Moneysupermarket" advertising campaign, with group earnings before interest, tax, depreciation and amortisation (EBITDA) up 31% on the same period last year, up from the 26% growth the company delivered in calendar 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
This division suffered an 11% drop in sales compared to the first quarter of 2012 despite website visitor volumes being 7% higher.
The firm put this down principally to a 45% hit to non-credit products such as savings, current accounts and advertising revenues, due to the continued impact of the Government's 'Funding for Lending' scheme, "which has reduced competition for retail deposits and has markedly reduced savings revenues year on year."
Nevertheless, with visitors to the MoneySupermarket.com 8% ahead of the same period last year, insurance revenues jumped 17%, travel by 23% and home services such as utility switching up 80%.
Peter Plumb, Chief Executive, said it was a "solid start" to the year.
"The benefits of our increasingly diversified business are evident. We generated strong growth in our insurance, home services and travel businesses which more than offset lower demand in our money business."
He added: "MoneySavingExpert.com continues to prosper with the launch of the innovative Cheap Energy Club which has proved a hit with consumers."
OH
-
How taking a two-year career break could leave a £26k hole in your pensionCareer breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storageSelling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits
