The company blamed a highly competitive price-comparison market where it competes against brand's including comparethemarket.com, which is fronted by the popular meerkat ad character.
Admiral's profit, before tax, for the six months to June 2009 amounted to £105.3m, compared to £100.3m in the same period in 2008. Turnover rose 17% to reach £540m.
However, Confused.com's profits reduced to £11.0m from £15.6m in 2008. Its revenue was up 10% at £40.2m.
Henry Engelhardt, group chief executive, said: ‘Confused.com started the year well, increasing revenue against a backdrop of a UK price comparison market which remains highly competitive.'
He added that, overall, the company had increased its customer base by 17%.
.jpg)
.jpg)