Annual profits improve for HomeServe

Home repairs and improvements group HomeServe says it delivered a good performance in 2020-2021, with adjusted profit before tax expected to be around £191 million from £181m a year before.

HomeServe saw profits improve during the pandemic
HomeServe saw profits improve during the pandemic

The business continued to deliver for customers throughout the Covid-19 pandemic while looking after its people and supporting trades.

In membership, North America saw further strong organic customer growth of seven per cent to 4.7m and finished the year with its affinity partner relationships providing access to 66m households.

The UK saw higher income per customer from a smaller customer base, ending the period with 1.6m customers, down from1.8m.. The membership model continued to prove resilient across all of HomeServe's territories, and the group retention rate increased to 83%.

The Group's buy-and-build strategy in heating, ventilation and air conditioning continued in the second half of the year with a further 13 acquisitions taking the total to 22 for the year.

In home experts, Checkatrade finished the year well with 44,000 paying trades and a further 71,000 trades on the platform as either affiliate or 'freemium' members.

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