24th May 2016 07:07
LONDON (Alliance News) - HomeServe PLC is excited about the prospects for its US business, Chief Executive Richard Harpin said on Tuesday, which helped to drive the home insurance and repairs company's full-year profit higher.
Pretax profit rose to GBP82.6 million in the year ended March 31, HomeServe said in a statement, from GBP76.7 million a year earlier, as revenue increased to GBP633.2 million from GBP584.2 million.
HomeServe increased its total dividend for the year to 12.7 pence from 11.5p.
The company said its US profit rose by 89% to GBP12.1 million, with customer numbers rising by 17% to 2.3 million. In the UK, customer numbers grew to 2.2 million from 2.1 million, with profit rising by about 3.0% to GBP58.0 million.
"We are particularly excited by the prospects for our US business. Profits have increased significantly whilst at the same time delivering strong customer growth," Harpin said in a statement.
He said the company's March agreement to acquire Utility Service Partners for USD75.0 million in cash will increase HomeServe's US utility partner footprint to 42 million households.
"In the UK, we have a strong business, which has grown profit and customers. France had an excellent year, achieving the 1.0 million customer milestone, and we saw continued customer and profit growth in Spain," Harpin said.
The chief executive said he is confident HomeServe will deliver on its expectation of further good growth in the new financial year, alongside continued investment in marketing, business development, international expansion and innovation initiatives.
By Samuel Agini; [email protected]; @samuelagini
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