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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  GoCo Group plc    GOCO   GB00BZ02Q916

GOCO GROUP PLC

(GOCO)
  Report
Delayed Quote. Delayed London Stock Exchange - 01/15 11:35:07 am
126.8 GBX   +0.79%
01/15FORM 8.3 - THE VANGUARD GROUP, INC. : Future plc
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01/14GOCO : Shareholders Approve Takeover by Future
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01/14FORM 8.3 - THE VANGUARD GROUP, INC. : GoCo Group plc
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GoCo : Q3 trading update

10/23/2020 | 02:05am EST

Imperial House, Imperial Way, Newport, NP10 8UH

Tel: +44 (0) 1633 654060 GoCoGroup.com

23 October 2020 || GoCo Group plc || Trading update for the 9 months ended 30 September 2020

Another very strong quarter for Price Comparison and AutoSave

9 months to

9 months to

30 September 2020

30 September 2019

YOY

Revenue

£130.5m

£115.7m

+13%

-

Price Comparison

£109.1m

£105.4m

+4%

-

AutoSave

£17.9m

£5.3m

+238%

-

Rewards

£3.5m

£5.0m

(30)%

AutoSave Live Customers1 ('000s)

597

241

+148%

Highlights

Financial

  • Group revenue growth of 13% to £131m driven by exceptional growth in AutoSave
  • Price Comparison delivered a very strong performance with underlying revenue growth2 of 7% year-to-date aided by a significant improvement in Car Insurance where growth has been ahead of the market
  • AutoSave live customer numbers grew 148% year-on-year to 597,000, an increase of 115,000 in the quarter, as demand for and awareness of the proposition continues to grow
  • Strong underlying progress has been made across digital channels in Rewards despite the impact of Covid-19
  • The business model continues to be highly cash generative; net debt reduced in the quarter

Operational

  • The Group continues to remain resilient during the Covid-19 pandemic with the majority of employees continuing to work from home with no impact to business operations. The Group has not called on government assistance schemes relating to employment or loans
  • Price Comparison achieved a record month for sales in Car Insurance in September through a combination of higher customer conversion and retention, supported by its innovative £250 excess proposition. Other insurance products, such as Home, have shown improved performance thanks to customer experience enhancements, partly offsetting Travel which remains negligible due to Covid-19
  • New TV advertising campaign for the GoCompare brand launched with strong uplifts in ad brand awareness and brand preference which has generated a positive halo across all of GoCompare's products
  • AutoSave growth continues to be driven by cost effective digital channels, such as social media. The Group will remain disciplined in its approach to digital customer acquisition during the busy online retail periods in November and December

Matthew Crummack, Chief Executive Officer said:

"It's been a very encouraging quarter that demonstrates the resilience of our business model throughout a highly changeable environment with more customers choosing to save time and money with GoCo Group.

"Our product innovation and new TV advertising campaign resulted in Price Comparison delivering a record sales month for Car Insurance in September and we continue to scale AutoSave sustainably through cost effective digital channels.

"We are supportive of the FCA's proposed remedies to improve customer outcomes in the home and motor insurance markets. Consumers have been using GoCompare for over a decade to help them save time and money on their insurance products and we expect this to continue. We are committed to innovating in this space to further meet consumer needs through propositions such as Look After My Bills.

"The Board is confident in delivering its expectations for the full year, subject to no further material impacts from Covid-19."

1

GoCo Group plc is registered in England and Wales

Company No. 6062003. Registered office as above

Imperial House, Imperial Way, Newport, NP10 8UH

Tel: +44 (0) 1633 654060 GoCoGroup.com

For further information:

Chris Wensley

Victoria Rees

VP Investor Relations & Strategy

Senior Group Corporate Communications Manager

GoCo Group

GoCo Group

e: chris.wensley@gocompare.com

t: 07702 901247

e: victoria.rees@gocompare.com

Chris Barrie / Jos Bieneman / Elizabeth Kittle Citigate Dewe Rogerson

t: 0207 638 9571

  1. gocompare@citigatedewerogerson.com

Notes:

  1. Live customers defined as those who have provided full switching authority to enable a switch net of churned customers
  2. Underlying revenue growth excludes Travel Insurance comparison sales in 2019 and 2020

About GoCo Group

GoCo Group is a tech-led business operating multiple leading brands focused on innovation and disruption with the common mission to help consumers save time and money, sustainably

Cautionary statements

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, the Group disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

The LEI for GoCo Group plc is 213800DUUN4C47JEL561.

2

GoCo Group plc is registered in England and Wales

Company No. 6062003. Registered office as above

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Gocompare.com Group plc published this content on 23 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2020 06:04:03 UTC


© Publicnow 2020
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Financials
Sales 2020 167 M 227 M 227 M
Net income 2020 15,8 M 21,5 M 21,5 M
Net Debt 2020 69,7 M 94,8 M 94,8 M
P/E ratio 2020 33,6x
Yield 2020 0,72%
Capitalization 535 M 727 M 727 M
EV / Sales 2020 3,63x
EV / Sales 2021 3,21x
Nbr of Employees 352
Free-Float 68,7%
Chart GOCO GROUP PLC
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GoCo Group plc Technical Analysis Chart | GOCO | GB00BZ02Q916 | MarketScreener
Technical analysis trends GOCO GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 127,00 GBX
Last Close Price 126,80 GBX
Spread / Highest target 10,4%
Spread / Average Target 0,16%
Spread / Lowest Target -17,2%
EPS Revisions
Managers and Directors
NameTitle
Matthew Crummack Chief Executive Officer & Executive Director
Peter John Wood Chairman
Jackson Hull Chief Operating & Technology Officer
Alan Burns Chief Financial Officer & Director
Angela C. Seymour-Jackson Deputy Chairman
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