GoCompare hails surge in revenues and profits
PRICE comparison firm GoCompare has reported a rise in half-year revenues and profit.
The Newport-based firm, which is listed on the London Stock Exchange, generated revenues of £75.8m in the first six months of this year, compared to £72.8m in the first half of 2016.
Its pre-tax profit was up £300,000 to £14.7m
During the year it achieved cash savings for customers – from utilities to mortgages – of £620m, representing an increase of 27% on the previous year.
Matthew Crummack, chief executive of GoCompare, said: “We have delivered material improvements to our core business following organisational and operational transformations early in the year and I am particularly pleased with the integration and performance of our existing talent, alongside new talent recruited in Newport.
“As well as progressing the core business, we have continued to develop our strategy and our investment in [mortgage robo-advisor company] Mortgage Gym is an exciting opportunity to work with an innovative business that is wellaligned to our mission of helping people everywhere save time and money.”
The board remains confident about meeting its expectations for the full year 2017.
GoCompare board chairman Peter Wood said: “The executive team under Matthew’s leadership has made great progress in building on GoCompare’s strong foundations and its continuing evolution into a leading tech business.
“I am delighted with the increase in adjusted operating profit and strong cash generation.
“Our maiden interim dividend of 0.7p per share balances cash returns to shareholders with our ability to fund potential strategic investments,” added Mr Wood.