GOCO.L Regulatory News (GOCO)

Gocompare.com Group plc

10 January 2017

FY trading update

Gocompare.com Group plc ("Gocompare.com" or the "Group") today issues the following trading update in respect of the financial year ended 31 December 2016.

The Group has made good progress in 2016 with revenue of approximately £142.0m, which is 19% up on 2015 and in line with guidance. Adjusted operating profit1 is expected to be approximately £30m, which represents growth of 30% over 2015 and is at the top end of the guidance provided at the time of the publication of the demerger prospectus in October 2016. Cash generation has also been strong with leverage2 reducing from 2.8x at the time of the demerger to less than 2.0x at the year end.

Matthew Crummack, Chief Executive Officer of Gocompare.com, said:

"2016 has been a transformational year for Gocompare.com. We completed the demerger of Gocompare.com from esure Group plc and strengthened the team at the executive level. Furthermore, today's announcement highlights that the Group continues to deliver good trading results. We start 2017 from a position of confidence and look forward to delivering another year of strong growth".

Results for the financial year ended 31 December 2016 will be announced as planned on 2 March 2017.

For further information:

1. Adjusted operating profit represents operating profit, adjusted to exclude the costs incurred in relation to the demerger.

2. Leverage is calculated as net debt divided by Adjusted EBITDA.

Cautionary statements

The financial information contained in this release is based on unaudited management information. 

Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Group or industry results to differ materially from any future events, results, performance or achievements expressed or implied by such forward-looking statements. Persons receiving this announcement should not place undue reliance on any forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, Gocompare disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.