Money Supermarket powers up

a JUMP in households switching energy supplier boosted business at price comparison website Money supermarket.

shares climbed 4.3pc, or 14.9p, to 363.3p after it revealed a 19pc rise in sales to £104.9m in the first three months of the year.

It said the increase to the energy price cap this year – up £117 to £1,254 a year, affecting 11m homes – encouraged visitors seeking to switch supplier to its site, fuelling an ‘exceptional’ performance.

sales were also boosted by its £40m purchase of marketing and data firm Decision Technologies, and it will reward investors with a special dividend of 7.46p per share on May 21. Russ Mould, investment director at aJ Bell, said: ‘stellar first- quarter numbers are all the more impressive when you consider demand for its services is often seen as being linked to the fortunes of the UK economy.

‘But while the latter might be struggling, mired in political and economic uncertainty, Money supermarket is forging ahead investing in new technology and expanding into new areas.’

Under chief executive Mark Lewis, who replaced Peter Plumb in 2017, it is trying to make its website more mobile-friendly and tailored to suit customer needs.