MoneySuperMarket's energy switching service sees revenue growth of nearly 200% due to energy price rises
MoneySuperMarket, the online price comparison site, saw revenue through its energy switching service boosted by nearly 200 per cent following last year's energy price rise.
The company has stated its expectation to increase revenue by 10 per cent to £225.5m when it releases its full year figures for 2013 on 4 March, with adjusted EBITDA expected to have grown by 26 per cent to £84m.
The annual increase in prices by energy companies moving into the winter period created high demand for the company's energy switching service, with its group revenue for the fourth quarter growing by 16 per cent year-on-year as a result.
It's Home Services and Travel offer are also said to be "well ahead" of last year, while money and insurance services were found to have traded in-line with the same rates of the third quarter.
Peter Plumb, CEO of MoneySuperMarket.com Group, said: "MoneySuperMarket had a strong second half thanks chiefly to our ability to help UK householders beat the autumn energy price hikes with both MoneySuperMarket and MoneySavingExpert helping more people switch their energy supplier than ever before.
"TravelSuperMarket made good progress in 2013, demonstrating the benefit of the wide portfolio of services we offer customers to make the most of their money."
Plumb also also commented on the recent ruling by the Competition Commission following an investigation into its car insurance service, where he stated: "We welcome the recent Competition Commission announcement that aims to stop those of our competitors who have been actively trying to prevent us from delivering our 'best price' strategy to our customers."
Figures released also revealed that MoneySuperMarket's net debt at the of of 2013 was £21.1m.