Esure chief executive Stuart Vann expects earnings to double within five years
Esure chief executive Stuart Vann today revealed ambitious plans to double Gocompare’s earnings over a five-year period.
Esure is now the sole owner of the price comparison site, having bought out the remaining 50% stake from shareholders, including founder Hayley Parsons who netted a cool £44m from her 23% stake.
Vann said: “I am excited by what we have done so far at Gocompare and believe there are significant opportunities in the medium to long term to at least double its EBITDA in a five year period.”
Chairman Peter Wood said: “I am delighted that we have now acquired Gocompare and it is already cash earnings accretive for the group.
”In addition, in the short space of time since completion, the management team have already launched a new marketing campaign, with the return of Gio Compario, and rolled out a number of other initiatives as we look to re-energise the business.”
Gocompare’s half-year revenues were broadly flat at £59.6m and profit before tax was up 25.2% to 13.4m, compared to £10.7m in the first six months of last year.