Price comparison website Moneysupermarket.com saw revenues take a hit due to the COVID-19 pandemic.
The company reported an eight per cent drop in revenue year-on-year to £183.2 million. Adjusted EBITDA also fell by nearly £10 million to £62.8 million as the exceptional market conditions created by the UK lockdown effected almost every area of the business.
Insurance revenue suffered sharp declines in April and May as a result of lockdown measures such as car dealership closures, people driving less and a slow down in the housing market, although motor and home insurance sales improved towards the end of the quarter.
Travel insurance revenue was negligible throughout the second quarter as Brits were advised against anything other than essential travel.
Tightening on lending criteria during the early lockdown period also hit money revenue hard with a quarterly decline of 44 per cent between April and June.
Speaking following the release of the interim results, Mark Lewis, CEO of Moneysupermarket Group, said: “I’m pleased the Group has been able to help our users save over £1bn already this year when so many households are facing unprecedented financial strain.
“COVID-19 and the lockdown measures have significantly impacted our core markets, but our brands MoneySavingExpert and MoneySuperMarket have risen to the challenge providing useful advice and savings tips to millions.
“Our business model has proved resilient, generating good cashflow throughout the crisis and giving us confidence for the future.”
Despite a difficult quarter, motor and home insurance at Moneysupermarket.com have recovered to year-on-year growth, although the company does expect to face greater earnings pressure in the second half of the year.