Homeserve profits helped by growth in US

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HomeServe PLC (LON:HSV) said underlying profits will increase by around 5.5% in the financial year ended 31 March 2021 with growth in US customer numbers offsetting a drop in the UK.

Adjusted profit before tax (PBTA) should be around £191mln (FY20:£181mln), the home maintenance specialist said in a statement, which it added was in line with market consensus expectations.

Renewed focus on homes during the pandemic had helped both the Membership and Home Experts businesses, the statement added.

North American organic membership rose by 7% to 4.7mln, with affinity partner relationships taking the number of households it services to 66mln (FY20: 64mln).

UK membership numbers dropped to 1.6mln from 1.8mln, but income per customer was higher, Homeserve said. Across the group, customer retention increased to 83% (FY20: 82%).

In its Home Experts arm, Checkatrade finished the year well said the FTSE 250 group with 44,000 paying trades (FY20: 39,000) and a further 71,000 trades on the platform as either affiliate or freemium members.

Net debt on 31 March 2021 was £530mln (FY20: £509m) with strong cashflow in the seasonally busier second half partially offset by further acquisitions.

The preliminary results for the year will be published on 18 May 2021, Homeserve added.

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