Moneysupermarket.com to up marketing spend on insurance business by £5m
Moneysupermarket.com is planning to spend up to an additional £5m on marketing its insurance business in 2016 after seeing revenues hit by increased competition.
The Chester-headquartered company saw revenues in its insurance services increase by just 2% to £140.2m.
It said that motor and home insurance revenues had been "impacted by higher competitor marketing spend".
Overall, the price comparison website reported strong profit and revenue growth for the 12 months to December 31st, with group revenue growing 14% to £281.7m and pre-tax profit rising 21% to £79.8m.
It also invested £19.6m in technology, up 22% from the previous year.
Of its other brands, TravelSupermarket.com grew revenue by 8% to £4.5m and MoneySavingExpert.com generated revenue of £30.7m, up from £22.8m in 2014.
Peter Plumb, the CEO at Moneysupermarket.com, said: "This was another good year for the Group, achieving 14% growth by saving customers over £1.6bn on their household bills.
“People are clearly getting more comfortable switching products beyond motor insurance, with the Group helping over 500k households switch their energy and 1.6m people get a better deal on their finances.”
He added: "As we roll out our new technology platform and create more expert help, tools and guides, we all look forward to helping more households save more money on more things in 2016."