Revenue at Ewloe based Moneysupermarket.com surges on the back of energy price hikes.

Ewloe based Moneysupermarket.com  said a significant number of people switching UK energy suppliers, because of price hikes, has boosted its revenues

The company said i has had a very strong start to the fourth quarter, with revenues 25% ahead of the same period last year, mainly driven by energy switching since mid-October.

In October, major UK energy suppliers, such as RWE npower, Centrica PLC’s British Gas and SSE PLC, increased prices by eight to ten percent.

“Revenues from energy switching in particular have been very strong as consumers sought better deals in the face of rapidly rising domestic fuel bills announced by the majority of the major providers in the second half of October,” Moneysupermarket said.

Third-quarter revenues were in line with the company’s expectations, Moneysupermarket said in its interim management statement for the period from July 1 to date. Revenues and EBITDA for the third quarter were, respectively, 5% and 26% ahead of the same period last year, it said.

It said visitors to MoneySupermarket.com were 5% ahead of the same period last year.

Moneysupermarket also said it has recruited Matthew Price, currently Costa Coffee Finance Director, as the successor to the outgoing finance director Paul Doughty.

Price will be appointed an executive director in the first quarter of 2014, with Doughty set to leave following a handover period.