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iSelect Limitedâs operating revenue declined by 8% to $74,254,000 for the half year ended 31 December 2018 compared to the previous corresponding period. The news sent the stock price to dip by 1.25% to last trade at $0.790 on 18 February 2019.
Reported EBITDA for six months to 31 December 2018 turned out to the loss of $2,568,000, a decrease of $5,046,000 on the same period last year. However, underlying results have been on the upward trend posting 45% growth in the companyâs half-year underlying EBITDA of $10,248,000 and NPAT up by $2,021,000 to $4,825,000 compared to the previous corresponding period. It reflects the cost relating to impairment losses and capital write-off from discontinued operation being excluded from the underlying result. The Gross Profit of the company grew 29% on $6,002,000 in previous corresponding period driven by the strategic marketing investments and enhancing customer experience.Â
On the bottom line front, the companyâs Reported NPAT loss increased from $1,484,000 in the previous corresponding period to $6,934,000 loss in half year ended 31 December 2018. The Earnings per share of the company has declined as much as 400%, reporting negative 3.0 cents for the half year to December 2018.
The company incurred the net finance cost of $260,000 during December 2018 half year compared to the previous corresponding yearâs cost of $47,000. iSelect informed that this substantial leap in net finance cost represents the reduction in term deposit holding due to additional investment in iMoney, and changes in accounting standard.
Its net operating cash inflow was $1,391,000, up by $1,871,000 compared to last comparative half year, on the back of efficiencies in marketing spend and operational cost. Net assets of the company decreased to $157,604,000 at 31 December 2018 from $163,937,000 at 30 June 2018.
The company did not declare any dividend for the six months ended 31 December 2018. It outlines the companyâs dividend policy of 50-80% of reported net profit after tax, subject to the availability of franking credits.
For the Fiscal Year ended 30 June 2018, the company posted an optimistic outlook with a continued strategic focus on sustainable profitability. The company expects to see the positive impact in its Health segment ahead of Government reforms due to be announced in the second half, impacting the private health insurance sector. In order to derive more cost efficiencies, the company plans to continue its investment into capital expenditure. Moreover, the continued investment in iMoney is reportedly expected in the second half with investment velocity required to enable continued top-line growth and drive increased valuation.
iSelect operates in the online product comparison sector which allows the user to compare home loans, life insurance, car insurance, private health insurance and personal financial products.
ISU stock price has declined by 35.22% over the past 12 months despite the positive price change of 14.29% over the past three months. The market capitalisation of the company stand at $178.56 million as at 18 February 2019.
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