HomeServe enjoys the fruits of its push into the US
WALSALL-based home maintenance business HomeServe has increased its customer numbers by 800,000 in a year.
This has led to a £16m hike in revenue and an increase in profitability.
Releasing its preliminary results for the year ended March 31 this morning, the firm recorded revenue of £584.2m compared to £568.3m in 2014.
Adjusted profit before tax was up at £85.4m (2014: £84.1m) but in statutory profit before tax terms, the increase was much more marked, rising from £24.4m in 2014 to £76.7m.
HomeServe’s net debt increased to £64.1m from £42.3m in 2014 while total customer numbers increased from 5.5m to 6.3m.
The firm points out that it delivered profit growth whilst significantly increasing marketing investment in the US.
The UK business now has 2.1m customers and profits of £56.4m while in the US HomeServe has seen customer growth of 26% (2014: 19%).
It is also growing momentum in France where it has agreed an affinity partnership agreed with Lyonnaise des Eaux, serving 5.3m households, and in Spain where customer numbers are up by 37.1%.
Chief executive Richard Harpin said: “This has been a very good year for HomeServe with customer numbers increasing from 5.5m to 6.3m.
“We have grown our profit, whilst at the same time significantly increasing marketing investment in the USA.
“In the UK we have delivered on our plans and have a strong business with 2.1m customers.
“Customer satisfaction and retention are increasing and we will continue to invest in technology to deliver even better service levels and efficiencies.
“The USA continues to be our most significant opportunity. During the year we have seen strong customer growth and we continue to have an excellent partner pipeline.”
