UPDATE: Homeserve Shareholders Revolt Over Remuneration Policy

(Alliance News) - Homeserve PLC said a substantial amount of shareholders voted against one of its resolutions at its annual general meeting held earlier on Friday.

At the FTSE 250 home improvements group's annual general meeting, resolution two, which proposed the remuneration report had 31% of shareholders vote against it.

Homeserve said it was aware that advisory firm Institutional Shareholder Services recommended voting against the report due to concerns over payments made in respect of the exit of former Homeserve UK CEO Martin Bennett and Group Chief Operating Officer Johnathan Ford.

The group said that the termination payments were made in line with its remuneration policy, that although their departures were announced before the start of their notice periods, this was to help facilitate an orderly handover of responsibilities.

Despite the opposition, resolution two was passed alongside the others.

Homeserve said it acknowledges the feedback from shareholders, and will consult with them during its current financial year ending March 2020 to help with reviewing its remuneration policy.

Earlier Friday, Homeserve said year-to-date trading was in line with guidance and predicted strong growth in the full year.

Looking ahead, Homeserve said its business remains "highly seasonal", and expects trading to be weighted towards the second half.

Homeserve will publish its interim results on November 19.

Shares in Homeserve were up 0.9% at 1,145.00 pence on Friday midday.