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Homeserve FY revenues grow on solid performance in North America

Tue, 18th May 2021 08:40

(Sharecast News) - Home emergency repairs and improvements business Homeserve said on Tuesday that full-year revenues had grown year-on-year, principally due to a solid performance from its North American unit amid the Covid-19 pandemic.
Homeserve said revenues had increased 15% year-on-year to £1.3bn, with revenues generated by its American business growing more than 20% to $665.8m.

However, despite the revenue growth, statutory pre-tax profits slumped 66% to £47.2m, largely due to the decision to write off one of its UK management systems.

The FTSE 250-listed firm proposed a final dividend of 19.8p, meaning its total return to shareholders for the year came to 26.0p, a 10% year-on-year increase.

Chief executive Richard Harpin said: "In the last year, our homes have become more important to us than ever and demand for our services continued to grow.

"Our North American Membership business was the stand out performer, growing customers to 4.7m, increasing policy retention by 2 percentage points to 85% and now covering 66.0m utility partner households. In Home Experts, we are making excellent progress in matching consumers with trades, online and on-demand, with our Directory Extra model."

As of 0840 BST, Homeserve shares were down 2.41% at 1,013.0p.

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