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Goco Hails Strong Quarter As Revenue Growth Driven By AutoSave Unit

Fri, 23rd Oct 2020 11:50

(Alliance News) - GoCo Group PLC on Friday posted an improvement in revenue for the first nine months of 2020, as it expressed confidence in delivering on its expectations for the full year.

The gocompare.com bill comparison website operator said revenue for the nine months ended September 30 rose to GBP130.5 million, up 13% from GBP115.7 million recorded the year prior.

The improved performance was delivered on the back of the AutoSave car-buying platform, which recorded a sharp rise in revenue to GBP17.9 million from GBP5.3 million. AutoSave live customer numbers more-than-doubled year-on-year to 597,000 - an increase of 115,000 in the quarter - on increased demand and awareness, driven by digital channels such as social media

Revenue for the Price Comparison business increased 4% to GBP109.1 million, supported by car insurance, which grew ahead of the market, according to GoCo.

However, the Rewards business suffered a 30% drop in revenue to GBP3.5 million. The company said there was "strong underlying progress" made in Rewards despite the impact of Covid-19. The Rewards business offers savings on retail, travel and recreation spending through MyVoucherCodes.

"It's been a very encouraging quarter that demonstrates the resilience of our business model throughout a highly changeable environment with more customers choosing to save time and money with GoCo Group. The board is confident in delivering its expectations for the full year, subject to no further material impacts from Covid-19," said Chief Executive Matthew Crummack.

Shares in GoCo were trading 11% higher at 102.28 pence each on Friday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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