Homeserve shares rise on +17% H1 revenue

Homeserve shares (LON: HSV) were up on Tuesday morning after the group reported strong first-half results.

The FTSE 100 company posted a 17% increase in revenue from £457.7m to £536.7m.

Statutory profit before tax, however, fell 49% to £10.1m.

Richard Harpin, the founder and chief executive, commented: “What HomeServe stands for – making home repairs and improvements easy – has never been more important. The stresses of living and working through a pandemic mean that we are all more aware than ever of the value of home comforts. Our strong policy retention in the first half underscores the value our Membership customers place on the service we provide.

“Against this challenging backdrop, I am really pleased that the business continues to perform well. As we go into the busy winter months, our focus continues to be on delivering great service for our customers and a secure livelihood to our teams and trades. The latest wave of lockdowns has made no fundamental difference to our operations, and the good news for us and our customers is that engineers can continue to work in peoples’ homes. Based on what we see today, we are confident of delivering a healthy mix of organic and acquired revenue growth at the full year, with profits ahead of our prior expectations.”

Looking forward, the group said that it continues to expect strong demand and has increased profit forecasts for the full year.

Homeserve shares (LON: HSV) are trading up almost 3% at 1.273,80 (0849GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.