Comparator iSelect has met revised first-half earnings forecasts thanks to higher insurance revenues, and has drawn up a shortlist of candidates for its vacant CEO position.

The company forecasts financial-year earnings will exceed the previous year’s, excluding CEO replacement costs and trailing asset valuations, but warns revenue growth will outpace earnings gains because of business investments.

Net profit grew to $3.69 million from $205,000 in the previous corresponding period, while operating revenue increased to $55.78 million from $47.15 million.

First-half earnings before interest, tax, depreciation and amortisation (EBITDA) was $9.3 million, excluding trailing commission valuations and CEO replacement costs, compared with a forecast of $7.4 million. EBITDA after costs was $6.8 million.

iSelect listed on the Australian Securities Exchange last June and cut its forecasts in October after CEO Matt McCann resigned over differences with the board on growth priorities.

Executive Chairman Damien Waller says the search for a new CEO is “progressing quite well”.

“We are down to a shortlist and we are working through that shortlist,” he told a results briefing last week.

The company says health revenue per sale is improving, although it remains below year-earlier levels.

Car insurance revenue increased to $5.1 million from $3.9 million, health insurance revenue grew 10.5% to $34.8 million and life insurance grew $8.4 million from $4.9 million.

iSelect says overheads will increase to about $36 million this financial year on investment in data mining and partnership teams, while it will also step up marketing, particularly in energy.

The company has already announced it will receive reduced commissions from a new distribution agreement with Auto & General that took effect last month.

iSelect shares, priced at $1.85 in last year’s initial public offering, slumped after the earnings release and were trading at $1.09 today.