StockMarketWire.com - Moneysupermarket.com has seen 2% revenue growth in the first quarter of 2020, fuelled by trading within insurance.

According to its trading update, its insurance section reported 8% revenue growth, from £48.3m in the first three months of 2019 to £51.9m for the same period this year.

In Money, during the first part of the quarter credit and banking returned to growth, however during March trading dynamics deteriorated.

Attractive offers from energy providers and large customer savings meant that Home Services trading was broadly in line with last year's exceptional performance.

Within Other, TravelSupermarket traded well at the start of the quarter but from mid-February trading weakened significantly from COVID-19.

The company said that it is still too early to determine the full impact of Covid-19, but given the evolving nature of the pandemic and the associated uncertainty and lack of visibility, it is suspending all financial guidance for the financial year 2020.

It confirmed that it has access to a £100m committed revolving credit facility, which matures in September 2021, with the ability to apply for a one or two year extension to this facility. As at 31 March 2020, Moneysupermarket.com had net cash of c.£30m.

In a statement, the company added: 'Given this strong balance sheet and robust liquidity position, the Board has determined that, despite the challenging macro conditions, the proposed 2019 final dividend amount of 8.61p per share will not jeopardise our ability to continue to invest into the business and support ongoing operations, including our customers and colleagues.'

The board has proposed to pay the final dividend of 8.61p per share declared with the group's preliminary results and will keep dividend policy for the rest of the year under review.




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