HomeServe annual profit falls on hit from eServe implementation halt

Tue, 18th May 2021

Home repairs and improvements business HomeServe reported a sharp fall in annual profit as higher costs owing to its decision to halt the implementation of eServe offset an increase in revenue. For the year ended 31 March 2021, pre-tax profit fell 66% to £47.2 million year-on-year, while revenue increased 15% to £1.3 billion. Profit was hurt by an exceptional charge of £84.8 million after the company decided to halt the implementation of eServe, the UK CRM solution it procured in 2013. 'In FY22, HomeServe expects to see strong growth in its North American Membership & HVAC business, with the Home Experts division expected to reach profitability,' the company said. 'The board is confident in the group's prospects and expects to deliver an acceleration in performance in FY22,' it added, The results come as JM Barry Gibson stepped down from board as chairman. As previously announced, Tommy Breen would take over as chairman starting 19 May 2021. At 8:14am: (LON:HSV) Homeserve PLC share price was 0p at 1209p Story provided by StockMarketWire.com

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