Gocompare full-year revenue up 19%

Price comparison website Gocompare.com posted a 19% increase in revenue for the year ended 31 December following what it called a transformational year.

Revenue rose to £142m, which is in line with guidance, while adjusted operating profit is expected to be around £30m. This would represent 30% growth from 2015 and is at the top end of the guidance provided at the time of the publication of the demerger prospectus in October last year.

Gocompare also said cash generation has been strong, with leverage reducing to 2.0x at the year-end versus 2.8x at the time of the demerger.

Chief executive officer Matthew Crummack 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.”