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Gocompare revenue leaps 19% to £142 million in 2016

Gocompare revenue leaps 19% to £142 million in 2016 | Insurance Business UK

Gocompare revenue leaps 19% to £142 million in 2016
Last year proved to be auspicious for growth at price comparison website Gocompare.com as it recorded a 19% leap in annual revenue.

The firm’s comparison engine provides rate information on insurance products as well as prices of financial, travel and business products, utilities and household services.

According to an online Daily Mail report, the firm saw its total income jump to £142 million in 2016 compared to the previous year and has started this year in a “position of confidence.”

Gocompare shares have also risen by 1.4% since the company’s November listing on the London Stock Exchange. The firm has also demerged from UK insurer esure Group late in 2016.

Also, the company said that adjusted operating profit for the calendar year will grow by 30% to £30 million compared to 2015, landing at the top end of its guidance.

“The trading update will be taken positively…the company has been able to beat consensus  expectations at the first time of asking… and has been able to achieve the guidance that it set out at the demerger,” RBC Capital Markets analysts were quoted as saying in the report.

RBC rated Gocompare stock with an “outperform” mark.

Related stories:
Motor insurance a key growth segment for esure
Shares in esure fell 27% after Gocompare demerger