MoneySuperMarket generated zero revenue from its energy switching arm in the quarter ending 31 March, fresh figures show.
The group had been anticipating the dearth in revenue from its energy arm, as comparison websites have been forced to urge consumers to avoid switching energy suppliers and stay put with contracts protected by the price cap.
‘Home Services traded in line with Q4 2021, with no energy revenue as expected’, the group said today.
Zero: MoneySuperMarket generated zero revenue from its energy switching arm in the quarter ending 31 March, as it expected
There have been no switchable energy tariffs available since October 2021 and MoneySuperMarket has been forced to tell consumers that ‘unprecedented market conditions mean we can’t switch your energy right now’.
Across the group’s entire Home Services division, revenue fell 65 per cent from £26million to £9.1million.
In October, MoneySuperMarket warned that consumer energy switching looked set to remain ‘negligible’ for some time amid soaring wholesale energy prices.
Millions of households are now feeling the impact of an unprecedented near £700-a-year hike in energy costs.
The 54 per cent increase in the energy price cap means a household using a typical amount of gas and electricity will now be paying £1,971 per year.
A further rise pushing the annual bill up to £2,600 is looming in October, experts suggest.
Tough times: Millions of households are now feeling the impact of an unprecedented near £700-a-year hike in energy costs
While MoneySuperMarket’s Home Services arm, and particularly its energy arm, may have struggled over the past few months, the group performed considerably better in other areas.
The group has seen an eight-fold increase in revenue from its international travel insurance business.
In the first three months of 2021, the company generated around £400,000 from its travel unit due to Covid-linked restrictions.
But, as restrictions were lifted, the first quarter of this year ended up being the best three months for two years for the unit, securing £3.2million in revenue.
Revenue across the group’s Money arm jumped by 37 per cent to £24.8million over the period.
Peter Duffy, the group’s boss, said: ‘We are pleased with the strong recovery in Money and Travel, and continue to execute well against our strategy.
‘With cost-of-living increases adding pressure to consumer budgets, our distinctive brands remain well positioned to help households save money in a broad range of areas.’
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