The year saw private equity invest £675m in the Compare the Market owner
BGL Group has announced revenues rose 13% in the last year to £660.9m.
The Compare the Market owner revealed for the year ending 30 June 2018, underlying profit before tax was also up 16% to £146.9m and customer numbers grew 12% to 9.5m.
BGL, which also owns French site LesFurets.com and BeagleStreet.com, said the year had seen continued investment in technology within its insurance, distribution and outsourcing division to improve customer journeys.
Chief executive Matthew Donaldson said he was :“By helping people compare, switch and save across an ever broader range of products in our price comparison division and continuing to develop our digital customer proposition, we’ve gained additional customers this year, supporting the delivery of another record set of results in terms of profit and revenue.
“Our insurance, distribution and outsourcing division has had a good year, strengthening our multi-channel offering for customers in an increasingly digital marketplace, and with a step change in the growth of our Life business.”
The group in November 2017 announced that Canada Pension Plan Investment Board (CPPIB) had signed an agreement to invest £675m for a 30% stake in BGL; the investment was completed as planned in April 2018.
Donaldson added: “It’s been a milestone year for the group as a whole, marked by significant investment from CPPIB demonstrating confidence in our growth potential.
“By investing in our people, including through our newly launched BGL Academy, and in technology through our digital innovation agenda, we are building a strong foundation for the future of all our businesses.”
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