Insurance revenues down 10% but home cover increases
Moneysupermarket.com has said its insurance revenues for the first quarter were down 10% on the same period last year with motor falling but growth in its home insurance business.
It said demand for discretionary insurance in general, including travel insurance, was lower than the same period last year.
The company has cut 80 jobs.
Peter Plumb, chief executive, said: “Trading levels appear to have stabilised over the course of quarter one. As promised at the time of the preliminary results we have taken action to reconfigure our cost base for the lower levels of both demand and supply arising from the current recession. We have also made good progress over a relatively short period of time with our marketing plans and these should deliver benefits in the second half of the year.
“We remain the UK's leading price comparison website and customers remain at the heart of everything we do. We continue to add functionality and products to our site to make it even more useful for customers. I am confident that the successful execution of the group's strategy in 2009 will position moneysupermarket.com for continued long term sustainable growth.”
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