Homeserve Plc Trading Update (4055U)
April 06 2021 - 01:00AM
UK Regulatory
TIDMHSV
RNS Number : 4055U
Homeserve Plc
06 April 2021
HOMESERVE PLC
TRADING UPDATE
LONDON - 6 April 2021 - HomeServe plc ("HomeServe", "the
Group"), the international home repairs and improvements business,
today publishes the following update in respect of its financial
year ended 31 March 2021.
HomeServe delivered a good performance in FY21, with adjusted
profit before tax (PBTA) expected to be around GBP191m (FY20:
GBP181.0m), in line with consensus expectations(1) . The business
continued to deliver for customers throughout the COVID pandemic
while looking after its people and supporting trades
(tradespeople). Renewed focus on homes during the pandemic
highlighted the value of HomeServe's core propositions across its
Membership and Home Experts businesses.
In Membership, North America saw further strong organic customer
growth of 7% to 4.7m (FY20: 4.4m) and finished the year with its
affinity partner relationships providing access to 66m households
(FY20: 64m). As expected, the UK saw higher income per customer
from a smaller customer base, ending the period with 1.6m customers
(FY20: 1.8m). The Membership model continued to prove resilient
across all of HomeServe's territories, and the Group retention rate
increased to 83% (FY20: 82%).
The Group's buy-and-build strategy in HVAC continued in the
second half, with a further 13 acquisitions taking the total to 22
for the year (FY20: 15).
In Home Experts, Checkatrade finished the year well with 44k
paying trades (FY20: 39k) and a further 71k trades on the platform
as either affiliate or freemium members. eLocal sustained its
strong momentum from the first half and the Directory Extra model
was implemented at Habitissimo.
Net debt at 31 March 2021 was c.GBP530m on an IFRS 16 basis
(FY20: GBP509m), being c.1.8x EBITDA, with strong cashflow in the
Group's seasonally busier second half partially offset by further
HVAC M&A.
Further detail on all the Group's businesses will be provided in
HomeServe's preliminary results on 18 May 2021.
(1) Consensus adjusted profit before tax, the mean average of 16
analyst estimates, stands at GBP190.2m. Adjusted PBT excludes the
impact of the amortisation of acquired intangible assets, certain
acquisition-related costs and exceptional items.
Media enquiries: Tulchan HomeServe Investor Relations
Group
Martin Robinson Miriam McKay - Group Communications
homeserve@tulchangroup.com and IR Director
+44 207 353 4200 miriam.mckay@homeserveplc.com
+44 7795 062564
Dami Tanimowo - Senior Investor Relations
Manager
dami.tanimowo@homeserveplc.com
+44 7747 761155
About HomeServe
HomeServe is an international home repairs and improvements
business that makes home repairs and improvements easy by matching
customers to trades to generate repeat and recurring income.
HomeServe is listed on the London Stock Exchange, with a market
capitalisation of GBP4.1 billion.
ENDS
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END
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