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Price comparison website Gocompare sees 22 pct jump in H1 profit
July 11, 2017 / 6:27 AM / a month ago

Price comparison website Gocompare sees 22 pct jump in H1 profit

July 11 (Reuters) - Price comparison website operator Gocompare.Com Group Plc said it expected to report a jump in adjusted operating profit for the first half, as it remained confident about the outlook for the full year.

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

Revenue in the period rose about 4 percent to 75.8 million pounds, said Gocompare, which allows customers to compare rates of insurance policies, financial products and energy tariffs.

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 Aug. 1. ($1 = 0.7768 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)

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