StockMarketWire.com - Gocompare reported Thursday a 10% increased in pre-tax profits as revenue growth was hampered by decline in marketing spend, with the price comparison company saying performance for the year would weighed toward the second half.

For the 12 months to 31 December, profit before tax rose 10% to £33.8m. Revenues rose by 2.3% to £152.6m, as marketing margins improved to 6% to 46.4% from 40.5%.

Total marketing spend fell 9.7% to £80.1m from a year earlier.

Adjusted operating profit rose 22.2% to £44.0m from a year ago.

The group said customer interactions were down 15.8% to 27.1m for the year from 32.2m the prior year and savings made by customers fell 13.6% to £1.03bn.

The board announced a final dividend of 0.8p per share, taking the full year payment to 1.6p.

'The Board expects another year of disciplined performance on the core business with modest revenue growth and stable marketing margin, with performance to be skewed towards H2, reflecting our business initiatives and the market backdrop,' the company said.

'We are investing in weflip in 2019 to unlock the potential for exceptional growth in the medium term, with a spend in the region of £10m in marketing, funded by operational cash flow from the core business.'


At 8:05am: [LON:GOCO] Gocompare.com Group Plc share price was +0.4p at 70p



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