Profits at price comparison website Gocompare up 22%

Revenue for the six months ended June rises about 4% to €85m as net debt reduces

Gocompare allows customers to compare rates of insurance policies, financial products and energy tariffs. Photograph: Getty Images/iStockphoto

Gocompare allows customers to compare rates of insurance policies, financial products and energy tariffs. Photograph: Getty Images/iStockphoto

 

Price comparison website operator Gocompare. com">Gocompare.com has said it expects to report a jump in adjusted operating profit for the first half of the year, as it remains confident about the outlook for the full year.

The company, which demerged from British insurer Esure Group in November, said adjusted operating profit for the six months ended June was expected to have risen 22 per cent to £17.5 million ($22.5 million).

Revenue in the period rose about 4 per cent to £75.8 million (€85.1 million), said Gocompare, which allows customers to compare rates of insurance policies, financial products and energy tariffs.

Minority stake

Net debt reduced to 1.5 times adjusted EBITDA from 2.8 times at the time of the demerger, Gocompare said.

Gocompare also said it had bought a minority stake in Mortgage Gym, a digital mortgage robo-adviser, which plans to launch its platform in September.

Gocompare will report results for the period ended June on August 1st.

- (Reuters)