HomeServe overhaul starting to show results
WALSALL home emergency business HomeServe has seen a hike in both revenue and profits in the six months to September 30.
Revenue was up 8% to £229.6m (2011: £213.1m) while adjusted profit before tax was up 9% to £25.6m (2011: £23.5m).
The firm is still getting to grips with re-focusing its UK business following a well-publicised mis-selling scandal, for which the investigation is still on-going.
Customer numbers are now down to 2.5m (HY12: 3.0m, FY12: 2.7m) while its retention rate is down to 78% (HY12: 82%, FY12: 80%).
And the firm has renewed two of our larger UK water affinity partners on long-term deals and increased customer satisfaction with 42% fewer customer complaints.
Chief executive Richard Harpin said: “HomeServe is making progress in transitioning its UK business to a smaller, more customer focused operation and has delivered good growth in its international businesses in the first half of the year.
“In the UK we are currently testing a number of new marketing and product propositions, the effectiveness of which will determine the future shape and size of our UK business. Our business improvement initiatives are delivering increased customer satisfaction, significantly reduced complaint numbers and strengthened governance and control processes in the UK.
“Our International businesses continue to grow with USA and Spain customer numbers up 20% and 42% respectively.”