Moneysupermarket.com slumps as First Plus pulls loans

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Moneysupermarket.com lost over a fifth of its value today following confirmation that secured loans provider First Plus will stop accepting new business from 9 August.

First Plus is Barclays' main secured loan brand and the market's largest provider of secured loans.

The decision will force the price comparison website to source additional capacity elsewhere, review costs and loans advertising spend.

It said the direct impact on 2008 revenues is expected to be around £7m and a reduction of up to £5m in earnings before interest, tax, depreciation and amortisation.

“Trading across the rest of our business remains in line with our expectations,” said chief executive Simon Nixon.

At the end of June, the group said revenues for the first half would rise more than 25% to around £100m.

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