LONDON (Alliance News) - Gocompare.com Group PLC on Tuesday expressed confidence in achieving its full-year guidance as it posted an increase in profit in the first half of 2018, supported by the acquisition of Global Voucher Group Ltd.
Shares in Gocompare were trading 7.9% lower on Tuesday at 121.60 pence each.
The financial services comparison website said pretax profit rose to GBP15.9 million in the six months to the end of June, from GBP14.7 million reported a year earlier, while revenue remained flat at GBP75.8 million.
The Price Comparison segment generated revenue of GBP72.1 million, down 4.9% from GBP75.8 million reported the year before, as a result of lower customer interactions.
In January, Gocompare acquired UK online voucher code website Global Voucher, trading as MyVoucherCodes.co.uk, for GBP36.5 million in cash. The newly created Rewards division generated revenue of GBP3.7 million in the period.
Distribution costs came in lower year-on-year at GBP17.9 million compared to GBP21.8 million, but administrative expenses grew to GBP18.5 million from GBP14.2 million.
Gocompare declared an interim dividend of 0.80 pence per share, compared to its maiden interim dividend last year of 0.70p.
Looking ahead, the company said it intends to continue to focus on the delivery of profit growth and remains confident in meeting its expectations for 2018.
"The group now consists of three highly complementary brands, ideally placed to deliver on our 'savings as a service' strategy that aims to make saving time and money as hassle-free as possible for consumers," said Chief Executive Matthew Crummack.
"This in turn enables us to build a greater life time value model for our business."
