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HomeServe raises guidance as US momentum continues

As people have focused more on their homes during the pandemic, the emergency home repair specialist has seen an increase in membership revenue.
HomeServe raises guidance as US momentum continues
  • The membership business saw first half revenue rise by 8 per cent year-on-year with growth led by North America.
  • The emergency home repair specialist believes that full-year adjusted pre-tax profit will come in ahead of current analyst expectations.
IC TIP: Buy at 1,263p

With the Covid-19 pandemic forcing people to spend more time at home, that has proved a boon for emergency home repair specialist HomeServe (HSV). Offering subscription-based maintenance assistance, the group’s membership business saw sales rise by 8 per cent year-on-year in the six months to 30 September to £437m. With growth being led by North America, this translated to overall adjusted operating profit climbing by 17 per cent to £44m. The decline in statutory profits reflects the previous year benefitting from the proceeds of business disposals.  

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