Emergency repairs business Homeserve said adjusted profit before tax for the year was likely to come in well above last year’s figure, boosted by a customer increase and strong performance in North America.
The emergency home repairs business said customers had increased to 8.4 million from 7.8 million last year, with the group’s retention rate remaining at 82 percent.
Adjusted profit before tax is expected to be in line with market expectations and significantly ahead of the £112.4 million reported in 2017.
Net debt at 31 March 2018 was around 1.3x EBITDA (earnings), in line with expectations and within the group’s target leverage range of 1.0 to 1.5x.
Homeserve benefitted from strong second half performance in North America, as well as the integration of Utility Service Partners and the acquisition of the policy book of Dominion Products and Services.
Shares in Homeserve (LON:HSV) are currently trading up 1.03 percent at 737.50 (0828GMT).
