Homeserve reports rising revenues and profits

MIDLANDS based emergency repairs business HomeServe has reported a 19% rise in revenues and double digit profit growth in its half yearly report.

Revenues stood at £171, said the company, compared to £143.5m on a restated basis, with operating increasing from £20.8m to £22.7m.

HomeServe now has access to more than 68m householders around the world via its service contracts, and 4.6m customers. In the US, gross policy sales were up 36%, the company said.
 
Richard Harpin, chief executive, said: “HomeServe has delivered another period of double-digit earnings growth  whilst continuing to invest in both its UK and international businesses. 

• Latest HomeServe share price: click here

“This good performance has been driven by strong customer and policy growth, with retention rates remaining at high levels across the business as customers continue to turn to HomeServe membership to protect themselves against unexpected and costly home emergencies, demonstrating the value of our business model.
 
“We are making good progress towards achieving our goals for the year and remain on track to meet our target 3-4% customer increase in the UK.  The significant International growth opportunity is exciting and it is particularly pleasing to have seen such strong policy sales in the US during the first half.
 
“Whilst recognising the global economic uncertainties, all business areas continue to perform well and we remain confident of delivering another year of strong profits growth.”