BGL Group, a leading digital distributor of insurance and household financial services, which owns brands including comparethemarket.com, LesFurets.com and BeagleStreet.com, has announced year-on-year growth in underlying revenues of 14% to £585 million and 19% growth in underlying profit before tax to £126 million for the 2016/17 financial year ended 30 June 2017. Total customer numbers increased to over 8.5 million.
Comparethemarket.com continued to see strong growth in revenues, up 13%, as its market-leading position in car and home insurance was complemented by increased demand for its comparison services across a wider range of products. Comparethemarket.com’s much-loved brand and digital marketing capability supported customer numbers growing to well over 5 million.
LesFurets.com continued to drive awareness in the French market and saw strong growth in quote volumes resulting in record revenues, 33% ahead of the previous year.
The company’s Insurance Distribution and Outsourcing division, which includes online life insurer BeagleStreet.com, affinity partnerships business Junction and own brands, Budget and Dial Direct, delivered revenue growth of 12%, as existing partnerships continued to develop and new contracts were won.
Chief Executive Matthew Donaldson commented: “We have delivered a record year in terms of revenue, profit and customers, with progression in all our businesses. Comparethemarket.com remains the first choice for customers in price comparison; LesFurets.com is leading the French comparison market; and the significant potential of our Insurance Distribution and Outsourcing division saw it continue to enhance the Group’s product offering, where we were delighted to add SunLife and Virgin Money to our portfolio.
“Across all of our operations we continue to innovate and deliver outstanding digital propositions to our customers, supported by our investment in our new tech and digital hub in London which opened towards the end of the financial year.”
• 14% revenue growth*
• 19% PBT growth
• Opening of new tech and digital hub at White Collar Factory in London
• Record customer satisfaction scores
• Employee engagement of 83%, continuing BGL’s position in the top 20% of Fintech companies
Price Comparison highlights:
• Movie partnerships in comparethemarket.com include Star Wars, Frozen, Spiderman and Beauty and the Beast
• 5.6 million customers and 2.7 million app downloads for comparethemarket.com
• Record revenues in LesFurets.com
• Spontaneous brand recognition in France reached 50%
Insurance Distribution and Outsourcing highlights:
• New partnerships with Virgin Money for life insurance and SunLife for home and motor insurance
• Launch of Budget Life
• BeagleStreet.com celebrates fifth birthday and is named Best Online Life Insurance Provider at the 2017 Your Money Awards
*Revenue growth is calculated excluding £10 million of revenue in 2015/16 that related to sales to discontinued operations that did not recur in the 2016/17 financial year
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