Aggregator credits cost savings and technology improvements as revenues remain flat
GoCompare.com Group posted record first half results, reflecting cost savings and new technology.
The aggregator reported adjusted operating profit of £21.0m, its highest ever, and up 20% on a year earlier. That was achieved on flat revenues of £75.8m.
Average revenue per customer interaction rose to £4.80 from £4.43.
GoCompare said it saw strong car and home insurance conversion in the second quarter, up 10.7% on a year earlier, which it credited to “continuous product improvement.”
| GoCompare.com Price Comparison operations | H1 2018 £m | H1 2017 £m | Movement £m | |
|---|---|---|---|---|
|
Revenue |
72.1 |
75.8 |
(3.7) |
|
|
Cost of sales |
(21.2) |
(24.0) |
2.8 |
|
|
Distribution costs |
(17.5) |
(21.8) |
4.3 |
|
|
Trading profit |
33.4 |
30.0 |
3.4 |
|
Chairman Sir Peter Wood said: “I am pleased with the group’s results based on the strong progress that the leadership team are making to deliver a group strategy that is exciting, meaningful for consumers and differentiated from the market.”
Chief executive Matthew Crummack said: “We delivered a 20% year on year increase in adjusted operating profit thanks to a disciplined approach to marketing spend. Our focus on cash generation has been consistent since day one, and we believe this approach will continue to enable us to drive innovation and shareholder value.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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