Homeserve shares were flat in late morning trading on Friday following a report of trading in line with management expectations in the group’s latest trading statement.
The home insurance firm highlighted good business progress in North America and EMEA, along with high policy retention rates and strong maintenance in customer service levels.
Homeserve confirmed the continued execution of its HVAC buy and build strategy across its established territories, with Q1 achieving acquisitions across North America, France, Spain and the UK.
The company said its Home Experts business saw its number of trades exceed 47,000 despite a moderation in customer demand, on the back of Checkatrade’s tiered subscription packages as trade retention continued to improve.
The firm also highlighted its Court Meeting and General Meeting scheduled for later today to seek shareholder approval for the recommended cash offer by Bidco to acquire the entire issued and to be issued share capital of Homeserve for approximately £4 billion.
The transaction is expected to close in Q4 of calendar FY 2022, with Brookfield and Homeserve reportedly making progress on the submission of all regulatory and competition notifications and pre-notifications to complete the agreement.
