Express & Star

HomeServe reveals strong performance as revenue rises by 17%

Walsall-headquartered Home repairs provider HomeServe plc has reported a rise in interim profits despite the challenges of the cost-of-living crisis.

HomeServe. Picture: fivesixphotography

The company, set to be taken over in a £4.1 billion deal by Brookfield early next year, posted a 19% rise in pre-tax profit to £22.4m as it revealed its interim results for the six months up to the end of September. In addition, revenue rose by 17% to £714.4m.

Richard Harpin, Founder and Group Chief Executive, HomeServe plc, said: “Up to and including the last six months, our business has proved resilient in good times and bad, because of the value our people deliver every day to our customers.

"We complete over 340 jobs every hour for homeowners worldwide. I want to take this opportunity to pay tribute to everyone at HomeServe who has served our customers with dedication and expertise over the last thirty years.

“With Brookfield we share a common vision of investment and growth in residential infrastructure, and of the importance of decarbonisation to the societies in which we live. New ownership will bring new opportunities to HomeServe and the acquisition of HomeServe by Brookfield is on track to complete by early 2023 at the latest.”

An update on the transaction added: "All necessary regulatory and competition approvals have now been obtained in the U.K. and Continental Europe. In the US, the only outstanding approvals required are from two state insurance regulators.

"If the remaining approvals do not arrive in time to complete the transaction before the end of 2022, completion is expected to occur early in 2023," it added.

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