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Infochoice 1H profit soars to $1.17m

Infochoice 1H profit soars to $1.17m

Financial service comparison website Infochoice (ASX:ICH) has reported surging profit for the first half, on the back of solid revenue gains.

The company reported a profit for the half-year ending in June of $1.17 million, from just $77,500 in the same period a year earlier.

Revenue grew 35% year-on-year to $2.71 million, in a showing attributed to an 89% growth in website lead referral revenue and a 78% increase in ad revenue.

The company said its cash position had grown 83% in the 12 months leading up to the end of June to $1.98 million, while net assets grew 54.7% to $3.3 million. The business is debt free.

CEO Andy Mitchell called the showing “a very positive result.”

Infochoice is the target of a $33.5 million takeover offer from iSelect. iSelect last week [[xref:http://www.cfoworld.com.au/news/534375/iselect-makes-off-market-offer-for-infochoice/ |altered|CFOWorld]] the terms of its bid in a way it claims benefits ICH shareholders.

Infochoice has been advising shareholder to take no action while the board considers the offer, and until iSelect submits a bidder's statement for the revised deal.

ICH shares stayed flat on Friday at $0.485.

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Tags ASX:ICHAndy MitchellInfochoicefinancial resultsiSelectMergers and acquisitionsOnline ad

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