GoCo Group sees sharp increase in revenue at its AutoSave business

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GoCo Group PLC (LON:GOCO), the price comparison websites operator, saw revenue grow by 13% year-on-year to £131mln in the third quarter.

The company behind the GoCompare web site said the growth was driven by a sharp increase in revenue at its AutoSave business, where the number of active customers – or “live customers” as the company calls them – soared by 148% from a year earlier to 597,000; the number of live customers was up 115,000 quarter-on-quarter.

The price comparison division had a decent September which was a record month for sales in the car insurance segment. Other insurance products, such as home insurance, have shown improved performance thanks to customer experience enhancements, GoCo said, but the travel segment’s contribution remains negligible due to the coronavirus (COVID-19).

The board remains confident of meeting expectations over the full year.

“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,” said Matthew Crummack, the chief executive officer of GoCo in a statement.

“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,” he added.

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