Record first half with 14% revenue growth
BGL Group, a leading digital distributor of household finance products, which owns brands including comparethemarket.com, LesFurets.com and BeagleStreet.com, has announced year-on-year growth in revenues of 14% for the first half of its 2016/17 financial year.
comparethemarket.com achieved revenue growth of 15% over the period, and LesFurets.com saw record revenues up 34% year-on-year (local currency). The company’s Insurance Distribution and Outsourcing (IDO) division, which includes online life insurer BeagleStreet.com, an affinity partnerships business and own brands, Budget and Dial Direct, delivered revenue growth of 9%, reflecting increased customer numbers and successful development of the life business.
Chief Executive, Matthew Donaldson said: “We’ve had a record start to our financial year and have recorded significant growth across our business. In comparethemarket.com, this growth has been supported by a focus on driving customer loyalty and, in our IDO division, we continue to maintain and build successful partnerships with trusted brands. Across all of our operations we continue to innovate and improve our digital offer for customers, and we now have over 2.4 million IDO customers registered to our online self-service centre.”
Group-level highlights for H1 2016/17:
• 14% revenue growth
• Customer numbers reach 8.3 million
• More than 17,000 people positively impacted through our CSR programme
• New Independent Non-Executive Director, Patricia Jackson, appointed to Main Board
The Group has filed its accounts for the 2015/16 financial year, which delivered strong underlying revenue up 11% year-on-year and profit before tax up 25%. It was a year of transformation in line with the Group’s strategy to focus on price comparison and insurance distribution and outsourcing; BGL Group sold the legal services business Minster Law, and sub-scale Dutch price comparison website, HoyHoy. This followed the sale of the motorcycle insurance broking business, Bennetts, in the prior year. These transactions together with an asset review resulted in a number of one-off exceptional charges for the Group.
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