Moneysupermarket hit by lack of ‘blockbusters’

Shares in switching site Moneysupermarket.com plunged 10% today as it said fewer “blockbuster” energy deals were convincing customers to change supplier.

The company, known for its ads of tubby men in high heels, was set for it worst trading day in four years, after warning that operating profits would be at the lower end of City forecasts.

Analysts said this would result in a 3% hit to operating profits.

Growth in home services revenue — which includes energy — slumped by a third in the first six months of the year, because there was no big collective switch campaign which helped last year’s numbers.

In contrast, insurance switching leapt by 18%, helping total revenues for the half year rise by 5% to £165.3 million. Shares fell 29.6p to 326.7p.

Mark Lewis, the new chief executive, said the business was focusing on investing in technology to help customers with everyday energy switching, particularly via mobiles.

Lewis added that the firm saved clients £1.1 billion during the first half of the year, a 17% increase on 2016.