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Wednesday 18 April, 2012

Interim Management Statement

RNS Number : 5424B Group PLC
18 April 2012 Group PLC - Interim Management Statement 


18 April 2012


In advance of its Annual General Meeting to be held at 11.00am today, Group PLC ("" or the "Group"), the UK's leading price comparison website, issues the following Interim Management Statement relating to the period from 1 January 2012 to date. The financial and operational data below is in respect of the Group's first quarter (1 January 2012 to 31 March 2012) unless otherwise stated.


The Group's financial performance in the first quarter was in line with the Board's expectations. Internet revenues and EBITDA for Q1 were respectively 14% and 12% ahead of the same period last year. Visitors to the website were 15% ahead with visitors increasing across the Money, Insurance and Home Services verticals while Travel visitors were 11% lower.*




Revenues in the Money vertical were 22% ahead of Q1 2011 on visitor volumes that were 20% higher. 


Revenues from credit products (credit cards, loans, mortgages and debt solutions) were 14% ahead of the same period last year. Slower growth in credit card revenues was more than offset by strong growth in loans.


Revenues from non-credit products, which include savings, current accounts and advertising revenues, improved by 42% driven in particular by growth in savings and current accounts.




Revenues in the Insurance vertical were 13% ahead and visitor volumes were 9% ahead of the same period last year. Motor insurance saw strong growth and life insurance continued to perform strongly, building on the momentum of the second half of 2011


Home Services


Revenues in the Home Services vertical were fractionally ahead with visitors 12% ahead of the same period last year. Utilities revenues, which account for the majority of revenue in the Home Services vertical, were flat.




Revenues in the Travel vertical were 11% lower on visitor volumes that were also 11% lower. Market conditions continue to be challenging across the flights and hotels channels, with consumers continuing to manage their discretionary spending tightly. Our package holidays channel, however, continues to perform well, in part reflecting the investment made in the new channel in 2011.



Financial position


The Group continued to be cash generative and as at the end of March 2012 had cash balances of £36.6m.


Current trading


The Group has made a good start to Q2, with relative revenue and profitability to date ahead of Q1 run rates.





Peter Plumb, Chief Executive Officer, said:


" has made a good start to 2012 .We have seen solid growth in our Money and Insurance businesses as consumers continue to use us to make their money go further. We have continued to invest in both our brand and technology which should mean the Group is  well placed to make further progress through the course of the year'.'


* Internet KPIs including vertical and Group visitor numbers and vertical revenue numbers exclude Financial Services Net Limited and Local Daily Deals.  The directors believe that this enables the users of the financial information to gain a better understanding of the financial performance of the business.


- Ends - 





For more information, please contact: Group PLC                    0207 3795151 

Paul Doughty, Chief Financial Officer  


Maitland Communications                                   0207 3795151  

William Clutterbuck


This interim management statement may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date such statements are published.


The information in this release is based on management information.


This information is provided by RNS
The company news service from the London Stock Exchange