Goco Group PLC AutoSave live customers surpass 220,000 (7041N)

TIDMGOCO

RNS Number : 7041N

Goco Group PLC

26 September 2019

GoCo Group plc

26 September 2019

AutoSave live customers(1) surpass 220,000

GoCo Group plc ('the Group' or 'GoCo') today announces that its AutoSave business has in excess of 220,000 live customers, an increase of c.28% since the 8(th) July and surpasses the previous guidance to grow customers by at least 25% by 31(st) December 2019.

The strong growth in live customer numbers demonstrates consumer appetite for a service that addresses the needs of infrequent switchers, representing an incremental 23m household(2) opportunity in the UK whose needs are not being adequately met by the existing price comparison offerings. The Group operates two brands, Look After My Bills and weflip, well placed to address this consumer need.

The Group now expects to grow the number of AutoSave live customers to at least 260,000 by 31st December 2019, representing growth of c.50% on the 175,000 live customers as at 8(th) July. The additional growth in live customers will be delivered within the marketing spend previously outlined.

There are no other changes to the Board's expectations for the full year 2019.

Matthew Crummack, CEO of GoCo Group, said:

"Our strategy to address the needs of the infrequent switchers continues to build momentum. I am delighted to announce we've already exceeded our previous target for full year live customer numbers - demonstrating the market potential for our AutoSave business.

"We are committed to continuing to grow our AutoSave business. Our ambition is to rapidly scale customer numbers and maintain a disciplined approach to the cost of customer acquisition. We believe that this will lead to a significantly higher EBITDA margin profile for GoCo Group and be transformative to Group earnings by 2022."

Ends

For further information:

 
 Nick Wrighton                      Alex Jessop 
  Chief Financial Officer            VP of Investor Relations & Strategic 
  GoCo Group                         Planning 
  t: 01633 655 051                   GoCo Group 
  e: [e-mail]                t: 01633 654060 
                                     e: [e-mail] 
 Victoria Rees                      Chris Barrie / Jos Bieneman 
  PR Manager - GoCo Group plc        / Elizabeth Kittle 
  t: 01633 654 731 / 07702 901247    Citigate Dewe Rogerson 
  e: [e-mail]     t: 0207 638 9571 
                                     e: [e-mail] 
 

Notes:

(1) Live customers defined as those who have provided full switching authority to enable a switch, net of churned customers

(2) Approximate number of households in 2018 who did not switch energy based on BEIS / Ofgem data

About GoCo Group plc (www.gocogroup.com)

GoCo Group plc operates GoCompare, a leading UK financial services, utilities and home services comparison website; weflip, an innovative switching service that uses technology to automatically flip people onto cheap energy tariffs, forever; Look After My Bills a leading energy savings service, automatically switching customers onto the best deal after 12 months; MyVoucherCodes, which is a digital media and affiliate marketing specialist that connects consumers with money saving offers from the world's leading brands and Energylinx, an established energy switching and comparison service with more energy supplier relationships than any other UK comparison provider.

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September 26, 2019 02:01 ET (06:01 GMT)