North American growth drives HomeServe’s profits to £200m
Homeserve has delivered record profit growth as its North America strategy pays dividends.
The Walsall-based home repairs group expects the current year to produce “strong organic growth” in North America while it will continue to look for acquisitions that can accelerate growth further.
Profits, as measured by EBITDA, jumped 28% to £197.6m in the year to March 2018. Revenues also increased , up 15% to £900.0m.
Richard Harpin, founder and chief executive of HomeServe, said: “This has been another great year for HomeServe, with record profit growth and another step change in our growth in North America.
“Our core membership proposition continues to resonate strongly with consumers seeking to run their homes more easily, and we are delighted to serve 8.4m customers worldwide at an annual policy retention rate of 82%.
“We have made good progress this year on developing three new business lines – Home Experts; Heating, Ventilation and Air Conditioning (HVAC); and Smart Home. In HVAC we completed acquisitions in the UK and France and in Smart Home our LeakBot innovation is starting to gain real traction with insurers.
“I am particularly excited by the progress we have made on developing our online Home Experts marketplace since we acquired 100% of Checkatrade in November 2017.”
More to follow.
