Moneysupermarket.com reports massive revenue growth
Visitor Conversion
20 September 2007
Moneysupermarket.com has reported a 63 per cent surge in revenues for the first half of this year.
The company revealed that its revenues rose to £78.5 million over the six months to June 30th - up from £48.2 million in the previous year.
Moneysupermarket.com, which allows consumers to compare travel and financial services prices, attributed the growth in revenues to an increase in the number of visitors using its websites.
Simon Nixon, Moneysupermarket.com chief executive, said: "We have built a stronger platform for future growth."
The number of people using the group's internet services rocketed by 58 per cent to 44.7 million during the first half of 2007.
Moneysupermarket.com's internet business generated £73.5 million of revenues, representing a massive 94 per cent of the company's turnover during the period.
It revealed that trading in the third quarter had kicked off "very strongly".
The company, which reported that its gross margins increased from 55 to 66 per cent over the year, also said that additional spending on advertising had resulted in a "significant improvement" in the recognition of its online brand.
It claimed that the weakening of the credit markets had not impacted upon business. In fact, the Northern Rock debacle has caused an increase in traffic to the website.
Kevin Mountford, head of savings at price comparison website moneysupermarket.com, said: "We have seen a huge surge in website traffic throughout the Northern Rock crisis, when the number of users searching for the best savings more than doubled. Not only this but mortgage traffic rose 50 per cent and loans requests by 30 per cent."
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