Customer retention remains high for Homeserve through economic uncertainty

Homeserve, the Walsall-based home repairs and improvements business says it has made “very good progress…strategically and financially”.

Its Membership business kept a high global policy retention of 84% which it says is due to the value it provides for homeowners through these times of economic uncertainty.

Across EMEA Membership, the division Homeserve is continuing to deliver on its growth agenda. In the UK, there has been good early progress on its plan with customer numbers ending the year in line with expectations and policy retention up on last year.

France and Spain performed well, with a notable increase in job volumes in the Spanish claims handling business. HomeServe’s Japanese joint venture signed a further two marketing agreements in the second half of the year.

Its Home Experts division was profitable for the first time on a full-year basis predominantly thanks to progress at Checkatrade, which ended the year with 47k paying trades and average revenue per trade is expected to exceed the Milestone 1 target of £1,200.

Further detail on all the Group’s businesses will be provided in HomeServe’s full-year results on 24 May 2022.