MoneySuperMarket commits to £5m marketing spend despite Covid-19 hit
MoneySuperMarket has blamed "exceptional market conditions" caused by coronavirus for a drop in profit and revenue in its latest update.
The Chester-headquartered price comparison website said that revenue actually grew by 2% in the first quarter of the year, but the pandemic had led to an 8% dip by the end of June.
Pre-tax profit fell from £60.4m to £51.4m, with revenue down to £183.2m. Adjusted Ebitda was down 14% to £62.8m.
There were also severe declines in insurance revenues, mainly driven by lockdown measures.
Despite the results, the company said it remained "committed" to an additional £5m marketing investment, to be spent mainly in the second half of the year.
Mark Lewis, CEO of Moneysupermarket Group, said: “I’m pleased the Group has been able to help our users save over £1bn already this year when so many households are facing unprecedented financial strain.
“COVID-19 and the lockdown measures have significantly impacted our core markets, but our brands MoneySavingExpert and MoneySuperMarket have risen to the challenge providing useful advice and savings tips to millions.
“Our business model has proved resilient, generating good cashflow throughout the crisis and giving us confidence for the future.”