Gocompare's profits soar 15% to £34.7m

Gocompare’s pre-tax profits jumped 15% to £34.7m in 2011. Turnover was up £108.9m from £101.5m and the profit margin increased 31.8%.

Chief executive Hayley Parsons said: “These results are well in line with our expectations and reflect the continued appeal of our proposition to both our insurance partners and consumers. 

“We said at the time that 2010’s results were exceptional and we couldn’t expect to continue at that level of growth.  In the circumstances, a double digit increase in profit is a very pleasing result indeed. 

“Car insurance premiums continued to rise in 2011 forcing millions of people to shop-around and switch provider to find savings. However, the comparison site market remains very competitive with a number of our competitors increasing their advertising spend to attract new customers. 

“Against that background, we’re delighted with this performance. We have held our marketing spend yet managed to grow our profit margin by around seven per cent.”     

“We have continued to invest in people, our brand and infrastructure and we have strengthened the senior team and grown staff numbers overall by 15 per cent.  

“We are also about to launch the next Gio Compario advertising campaign.”