Website warns of slowdown

PRICE comparison website reported higher earnings yesterday but warned revenues growth was likely to slow in the current half year.

The firm said limited product availability in the loans and mortgage markets meant revenues from its money-based division were down by around 10 per cent in the third quarter on a strong trading period a year earlier.

Revenues in insurance and home services have remained strong, but, overall, moneysupermarket said trading in the quarter had been mixed.

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In the first half of the year, the company increased revenues by 27 per cent to 99.4 million and saw underlying earnings improve 14 per cent to 30.1m. Visitors to its websites increased by 39 per cent to 62 million.

Moneysupermarket operates under its flagship brands and, which allow consumers to compare prices for mortgages, loans, credit cards and package holidays.

Majority shareholder and chief executive Simon Nixon said the half-year results demonstrated the range of the company's business.

He said: "We have seen the insurance, travel and home services businesses continue to develop and grow quickly as consumers seek to maximise the buying power of their disposable income as economic conditions have worsened."

Citigroup said the results were in line with expectations.