Moneysupermarket.com expects 23% rise in revenue

8th Jul 2011 07:18

UK price comparison site Moneysupermarket.com expects revenues to be around 23% ahead of last year when it reports its first half results next month."Trading in the second quarter has been strong and consistent with the trends seen in the first quarter," the statement said.The company - which provides customers with a free online services to compare products such as insurance, travel and mobile phones - anticipates reporting revenues of £88.3m in the six months ended 30 June, compared with £71.6m in the first half of 2010.A one-off credit of £3.3m has helped the increase, the firm said, as a result of an agreement in principle with HMRC relating to the VAT treatment of certain of the group's supplies.Earnings before interest, tax, depreciation and amortisation is expected to be £22.8m, 26% higher than £18.1m the previous year.Offline marketing expenditure will be around 50% ahead of the same period in 2010, as expected, due to an increase in investment, including the sponsorship of Britain's Got Talent "to consolidate its position as a mainstream brand"."The group will continue to invest in its brand in the second half and launched a new campaign in the first week of July. Offline marketing expenditure is therefore expected to continue to be ahead of the comparator period in the second half of the year," the firm said.BC