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Gocompare owner share price soars due to the increase in auto-switch customers

Gocompare, the British financial services comparison website enjoys a huge rise in auto-switching sparking an 11% rise in the share price. Gocompare owner Goco’s share price rose nearly 11% as it reported a sudden increase in customers using its auto-switch service.

Auto-switching boomed 238% within the first nine months of this year compared to the same period last year, with revenue rising £5.3m to £17.9m. Price comparison increased by 4% to £109.1m. Overall group revenues were up 13% to £130.5m.

The auto-switching is obtainable under the brands of weflip and Look After My Bills for energy customers. It is not currently offered for general insurance. The results are in contrast to Moneysupermarket which endured a challenging quarter as the general insurance division declined.

Chief executive Matthew Crummack commented, “it is 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.”

Matthew added, “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.”

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