posts 30% revenue rise

22-04-2008 posts 30% revenue rise
Online price comparison service has reported a 30 per cent increase in revenues compared to last year.

From the beginning of the year to yesterday (January 1st to April 21st), the group said performance is in line with expectations.

In the company's money sector, revenues were ten per cent ahead of last year on increased credit card and savings business, while mortgages and loans trading was "challenging".

Travel and insurance recorded a better performance, with revenues up 50 per cent.

Meanwhile, customers using the site's home services sections – primarily to compare utilities providers - increased revenues by 100 per cent.

The group said that with mortgage approvals reported to be 40 per cent down, the business's performance shows the benefit of a difficult market to price comparison channels.

Chief executive Simon Nixon said: "We have made a solid start to the year with over 30 per cent revenue growth year on year. This highlights the resilience of our business model, the strength of our market position and the benefits of our diversification into a number or verticals." also said costs have increased over the last quarter, as a result of an investment in technology but the company does not expect a further step up in its cost base over the remainder of the year.

Shares in were up 5.7 per cent in morning trading to 111.25p on the London Stock Exchange.

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