Energy price rises big boost for Moneysupermarket.com website
Steep hikes in gas and electricity bills have helped boost profit forecasts for price comparison website Moneysupermarket.com as households shop around for the best energy deals.
Shares were up by nearly a fifth as the group said full-year underlying earnings would be a "mid-single digit percentage" ahead of the £78.4m expected in the City.
It said revenues for the third quarter were 5% ahead of the same period last year, but had raced ahead by more than 25% in the fourth quarter.
"Revenues from energy switching in particular have been very strong as consumers sought better deals in the face of rapidly rising domestic fuel bills announced by the majority of the major providers," the group said.
Moneysupermarket chief executive Peter Plumb said: "We're confident we can help every household make the most of their money and that means we are also confident of Moneysupermarket's prospects."
Trading in the third quarter was also boosted by an improved performance from credit card products due to strong competition among providers.