StockMarketWire.com - Gocompare.com Group has seen good progress during the year to date, with revenue for the six-month period ending 30 June of approximately £75.8m, 4% up on H1 2016.

It said adjusted operating profit was expected to be approximately £17.5m, which represented growth of 22% compared to H1 2016, driven primarily by an improvement in marketing margin.

It said cash generation continues to be strong, with leverage reducing to 1.5x compared to 1.7x at 31 December 2016 and 2.8x at the time of the demerger.

During June, the group completed an agreement with Haymarket Media Group Ltd to expand its targeted comparison services within their car media franchises.

The group has also made its first strategic investment with a minority stake in Mortgage Gym Limited, a digital mortgage robo-adviser, which plans to launch its new platform in September 2017.

Chief executive Matthew Crummack said: "We have made strong progress in delivering improvements to our core business following organisational and operational transformations early in the year.

"This created positive momentum in trading performance, which, as anticipated, will accelerate through the year and we are delighted with the 22% increase in adjusted operating profit delivered in H1.

"The new executive team have delivered significant improvements in speed and capacity in the last six months, notably in the Technology and Product functions.

"I am particularly pleased with the integration and performance of our existing talent, alongside new talent recruited in Newport.

"As well as progressing the core business we have continued to develop our strategy and our investment in Mortgage Gym is an exciting opportunity to work with an innovative business that is well aligned to our mission of helping people everywhere save time and money.

"We are well positioned for the remainder of 2017 and the Board remains confident of the outlook for the full year."



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