HomeServe back on track

HomeServe, the Walsall-based home emergency insurance business, says it is on track to add 300,000 new customers in the coming year and expects total UK customer numbers to be 'at least' 2 million.

This is higher than had been expected earlier in the company's turnaround process following the customer complaints and mis-selling scandal that resulted in £30 million fine in February.

As the company's investors met for the annual shareholders' meeting an interim management statement for the year so far shows trading in line with expectations.

HomeServe, which employs around 1,100 at its Green Lane headquarters in Walsall, said there had been 'solid progress' over the first three months with more growth overseas.

The company traditionally sees stronger figures in its second half, when it carries out the majority of its marketing.

In the US, HomeServe has signed new partnership deals with water municipalities serving 200,000 households.

The company sells its policies covering burst pipes, broken boilers or faulty wiring through so-called affinity partners, often water companies.

It is also seeing growth in Spain, France and Italy and is running test activity in Germany.

Across both its UK and international businesses, HomeServe its customer retention rates remained high.