Compare the Market owners see profits rise despite blow from abandoned IPO

Herve the ferret

Compare the Market owner BGL Group has seen underlying pre-tax profits soar by 16% in spite of its abandoned initial public offering.

The company saw underlying profits rise to £146.9m, not including £6m spend on the abandoned IPO plans as well as other unspecified transaction costs.

BGL rowed back on its two year plan to float Compare the Market in November after the Canadian Pension Plan Investment Board bought a 30% stake in the business for £675m.

BGL said at the time it spent £4.4m on compliance on the shelved IPO.

However, the group said it had seen revenue increase by 135 to £660.9m. CEO Matthew Donaldson said it had been a “milestone year” for BGL.

“We’ve gained additional customers this year, supporting the delivery of another record set of results in terms of profit and revenue,” he said.

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