Moneysupermarket.com on track, travel dries up

Price comparison website Moneysupermarket.com said it has made a good start to the second quarter as strength at its money and insurance division offset a weaker performance at its travel section.

Internet revenue increased 14% in the first quarter from a year earlier while core earnings climbed 12% as cash conscious consumers looked for competitive online deals.

Chief executive officer Peter Plumb said the group had made a good start to 2012. "We have seen solid growth in our Money and Insurance businesses as consumers continue to use us to make their money go further."

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Revenue at its insurance division was up 13% with visitor numbers rising 9%. Revenue at its home services unit, used to compare utility prices, rose a touch.

Its travel section continued to struggle over the last year as consumers put off potential holiday deals on the website. Revenues and visitor numbers were both down 11% as consumers tighten their purse strings.

The group, which has started a new package holidays channel, said it was performing well.

Revenues at its money unit, which lets consumers compare banking products, surged 22% while visitor volumes jumped 20%.

Overall the group said it traded in line with company expectations during the year as consumers continue to hunt out better deals.