Profits jump for HomeServe
Pre-tax profits for Walsall-based HomeServe jumped by 86 per cent to £18.9 million in the six months to the end of September.
Revenue also rose by 14 per cent to £610.5m driven by strong performance in North America, the home experts division and Continental Europe.
In the UK, adjusted operating profit grew three per cent with to £9.4m with initiatives to transform and broaden the business making good early progress.
The acquisition of CET Structures last month has created a leadership position in home emergency assistance to complement home assistance cover and the home experts division is now profitable.
Richard Harpin, founder and group chief executive of the home repairs business, said: “This is another very good set of results for HomeServe, with significant progress across all areas of the business. North America delivered an outstanding performance and is ahead of our original plan to achieve our next milestone of US $230m adjusted operating profit.
"Our European businesses are performing well and pursuing innovative initiatives to broaden our reach.
"The UK, our most established market, continues to provide attractive returns and high quality service to our customers, and the team are making good early progress with their plan to broaden the business, notably with the acquisition of CET. We are building significant long-term value in home experts, with continuous innovation in our leading online platform in Checkatrade.
"Our ambitions for the current financial year are unchanged, which means that we expect to deliver an acceleration in performance this year, followed by significant longer term growth. Creativity, delivery and momentum have never been stronger.”
