Homeserve expects £10m profit jump as renovations boom during pandemic
Homeserve said it expects to report a £10m jump in profit when it publishes its full-year results, due to the surge in demand for home improvements during the pandemic.
Adjusted profit before tax for the financial year ended 31 March is expected to be around £191m, up from £181m in the previous year.
It said renewed focus on home improvements and repairs during the coronavirus crisis had “highlighted the value of Homeserve’s core proposition”.
In North America, customer numbers grew seven per cent to 4.7m while the UK customers spent more than the previous year.
Homeserve’s Checkatrade business – a directory of tradespeople – finished the year with 44,000 paying trades, up from 39,000.
Meanwhile, Elocal -its US business directory – “sustained its strong momentum from the first half” and Homeserve implemented its “Directory Extra” model at its Spanish firm Habitissimo.
Net debt at the end of the financial year was up from £509m to around £530m.