oneysupermarket has said that it does not expect customers to start switching energy suppliers in any “significant” numbers this year, but added that it was ready for the move.
The business, which helps customers compare deals, said that it had been hit by headwinds from rising interest rates which have impacted the mortgage market.
“Our purpose is to help households save money by giving them access to free online tools that enable them to compare and switch products,” the business said.
But since the energy crisis upped bills for households across the UK there has been very little point for a customer to choose a different deal.
The best deal on the market has generally been the energy price cap, which is set by Ofgem. No supplier is allowed to charge its standard tariff customers more than this, and the Government has provided support for these customers.
“As we said before, we do not expect significant revenues from energy switching this year,” the business reiterated on Monday.
It also said that rising interest rates had hit other parts of its business. Sluggishness in the mortgage market helped contribute to the revenue at Moneysupermarket’s money division dropping 2% to £51.9 million in the six months to the end of June.
The fall in revenue from mortgages had been somewhat offset by strong demand for credit cards.
The insurance division of Moneysupermarket grew 23% year-on-year, while the company’s travel unit was up 42%.
Overall revenue rose 11% to £213.8 million, it said on Monday.
Chief executive Peter Duffy said: “Our purpose is to help everyone save money on their household bills, and this has never been more vital as cost-of-living pressures bite.
“But it has got to be easy to use our site. And that’s where we’ve made good progress.
“The tech behind our trusted brands has been modernised and made increasingly common across the group.
“The more scalable it is, the more efficient our business is and the more we can invest in new tools and personalised features that help people save on more of their bills.”