Belfast Telegraph

Go Compare in one-third profits lift

By Ben Woods

Price comparison site Go Compare has bolstered profits by close to a third and said the firm could enjoy an uplift from Government changes to the insurance industry.

The firm said adjusted operating profits jumped 30% to £30m in the year to the end of December, while revenues rose 20% to £142.1m.

However, a separate measure of operating profits, which included its listing costs on the London Stock Exchange (LSE), dropped 5% to £21.9m.

It comes after Go Compare put the finishing touches to its demerger from insurer esure and listed on LSE on November 3 last year.

Chief executive Matthew Crummack said the Government's recent decision to adjust the discount rate calculation could bump car insurance premiums and inspire more customers to search for cheaper products. Lord Chancellor Liz Truss put forward the change.

Belfast Telegraph