19th Nov 2013 14:12
LONDON (Alliance News) - Homeserve PLC Tuesday said its pretax profit fell significantly in its first-half as the company completes restructuring operations.
The home emergency insurance cover and domestic repairs company said its pretax profit fell to GBP600,000 for the six months ended September 30 from GBP19.1 million the previous year.
The company said that despite a 5.1% increase in sales to GBP241.3 million, the company's operating costs also increased 15% to GBP239.5 million as the company restructured to focus on the UK.
Homeserve said its statutory profit before tax includes additional exceptional expenditure of GBP19.0m to complete a UK customer re-contact exercise.
The company said its customers increased by 300,000 to 5.1 million and it expects to return to modest growth for the full-year 2015.
Homeserve shares were down 0.8% to 242.20 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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