Moneysupermarket.com has announced a fall in the number of consumers looking for loans and credit cards . The decline was reported as part of the company’s third quarter results, which showed a 15 per cent slump in revenues from credit cards, loans and mortgages on the previous year. There were also some positive results reported by the firm, who revealed that it expects to meet forecasts for the financial year, with insurance revenues up by 30 per cent – representing its highest earning unit.
The company’s Home Services unit also performed well, with revenues more than double those of a year ago. Utilities also boosted the company’s performance, with consumers looking to shop around in the face of rising gas and electricity prices. Meanwhile, savings represented the company’s best performing third quarter division, with consumers eager to ensure they are protected against further collapses.
Moneysupermarket.com’s Chief Executive, Simon Nixon, said, ‘The third quarter was, as anticipated, a tough one. On top of the unprecedented banking crisis, which impacted both consumer demand and the supply of credit, we saw increased competitive pressure, particularly in insurance .’
The company also revealed it has appointed Peter Plumb as its new managing director for its financial services business .
Mixed Results for Financial Website as Loans Unit Slumps
Wed, 19 Nov 2008
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