21st May 2019 08:57
LONDON (Alliance News) - Homeserve PLC on Tuesday reported a double-digit increase in profit driven by improved revenue which exceeded the billion pound mark.
For the year ended March 31, the FTSE 250 home emergency repair firm posted pretax profit of GBP139.5 million, up 13% from GBP123.3 million a year ago.
This was achieved on the back of revenue rising 12% year-on-year to GBP1.00 billion from GBP899.7 million.
In the UK adjusted operating profit increased 8% to GBP66.0 million, with income per customer up 15% as the business continued its focus on delivering additional products to customers, Homeserve explained.
Meanwhile, North America, the firm's largest business, delivered a 37% increase in adjusted operating profit to USD88.1 million.
France and Spain both delivered "good growth" with adjusted operating profit, up 6% and 5% respectively.
"HomeServe delivered another very good year with further profit growth across the group. North America was once again the outstanding performer and our progress there continues at pace. Allied to good performances in the UK, France and Spain, our Membership business is strong and I remain excited about its prospects," Founder & Chief Executive Officer Richard Harpin said.
He added: "Our mission is to make home repairs and improvements easy for both homeowners and trades and I remain as passionate as ever about our efforts to provide great service to achieve this."
To reflect the improved annual performance, Homeserve upped its total dividend by 12% to 21.4 pence per share from 19.1p paid to shareholders a year ago. This was after proposing a 16.2p final dividend for the year.
Looking ahead, the company expects further strong growth in financial 2020.
Homeserve shares were trading 1.9% higher at 1,113.00p early Tuesday morning.
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