Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 22nd of February 2018
October 11, 2010

BGL Group reports annual profits

by Richard Kilner

Story link: BGL Group reports annual profits

The BGL Group has reported its annual results for the year from July 2009 to June 2010.

The Group’s price comparison website, comparethemarket.com, enjoyed good growth during the 12 month period, and this, coupled with robust cost control and supplier management, saw the firm achieve 16% growth in profits, to £62m.

Against a market average growth of 20%, comparethemarket.com saw growth of 70%, bolstered by the now iconic meerkat advertising campaign.

Group Chief Executive Peter Winslow responded to the results by stating that the firm faced pressure on their margins as customers continued to control spending.

Despite this, BGL group saw its profits rise from £54m the previous year to £62m.

The firm also saw substantial customer growth, adding 800,00 to its customer base compared to the previous year.

Winslow emphasised the importance of customer retention through quality service, with satisfied customers thrice as likely to renew as dissatisfied ones, and added that the firm had donated a record sum to charity during the year.

 

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