Energy switchers boost Moneysupermarket.com profit

14th Jan 2014 07:30

People are switching energy suppliers to avoid price hikes unveiled late last year, helping price comparison site Moneysupermarket.com to forecast higher annual revenue and profit.Moneysupermarket said revenue from energy switching was nearly 200% ahead boosted by announcements about rises in household bills by the UK's "big six" power and gas suppliers early in the fourth quarter.The group said the increase was likely to fuel a 10% rise in full year revenues to £225.5m against £204.8m last year.It predicted a 26% increase in adjusted pre-tax earnings before interest, depreciation and amortisation to about £84m.Fourth quarter trading in the fourth quarter matched expectations with group revenues about 16% ahead of the same period last year.Home service and travel revenue was well ahead of the same period last year. Money and insurance continued to trade in line with third quarter trends. Overall, group adjusted EBITDA was about 22% ahead of the fourth quarter in 2012.Chief Executive Peter Plumb said: "MoneySuperMarket had a strong second half thanks chiefly to our ability to help UK householders beat the autumn energy price hikes."PW