UK Credit PLC Revenues Dip As Credit Searches Slow

Fewer people looking for the best credit deal impacted Money division revenue PLC (LON: MONY) saw revenue drop by a fifth in its most recent quarter as its travel and insurance services were hit hard by the coronavirus (COVID-19) pandemic.

Total revenue fell 20% to £ 85.5million in the three months ending March 2021, the comparison website said.

Fewer people chasing the best credit deal affected revenue in the Money division, where revenue fell 26% to £ 18.1million.

Travel revenue was negligible, said the site, which also lost a high-volume contract with a B2B partner from July 2021.

In 2020, this travel partner contributed around £ 15million in revenue and EBITDA in the single-digit millions.

Energy was also weaker, as savings from switching power were lower than a year ago, although the recent announcement of the energy price cap helped activity to recover over the quarter.

Despite these headwinds, the group said the performance for the year 2021 was on track to be in line with market expectations.

Peter Duffy, Managing Director, added: “Several channels remain affected by COVID-19, but we are well positioned to navigate this period and return to profitable growth in the near future.”

Leave a Reply

Your email address will not be published.