Money worries dog iSelect
A loss of market share to the likes of Finder and Mozo takes the gloss off a financial turnaround story for financial comparison service iSelect.Money leads "were down 12 per cent" over the December 2016 half year, in comparison with the same period in 2015, and "primarily driven by competition in the sector," the firm said yesterday.Average revenue per click-through on its Infochoice and iSelect sites fell to A$5 from $7.iSelect relies on steering consumers to optimum products across money, health insurance, energy and broadband portals.After an extended period of difficult trading, its wider business is looking up.Operating revenue for the half year was $78 million, up 18 per cent.EBITDA for the half year was a profit of $5.8 million, in contrast to an EBITDA loss of $3.6 million for the six months ended 31 December 2015.Scott Wilson, the new managing director, wrote in the financial report that "the strategy we put in place 12 months ago is delivering exceptional results for the business. "The issues experienced in late 2015 are now well and truly behind us. "A highlight of the result was the substantial growth in operating cash flow, experiencing a $15.6 million turnaround from an outflow of $5.7 million in H1 FY16 to an inflow of $9.8 million."iSelect incurred another loss from its iMoney associate in Malaysia of $213,000.