company Homeserve has posted a 13 per cent increase in annual profits on the back of strong growth in the UK and abroad.
Walsall-based group, which insures households against broken boilers
and burst water pipes, revealed pre-tax profits rose to £100.6 million
for the year to Apro, compared to £88.7 million a year before.
Sales across the period rose by 21 per cent, to £369 million.
chief executive Richard Harpin said the new financial year has started
positively with all of its membership businesses performing in line
with company expectations.
He added: “We are pleased to announce another year of strong
growth with profit before tax increasing by 13 per cent to £100.6m and earnings per share by 14 per cent.
strong financial performance has been driven by an eight per cent
increase in customers worldwide, with high levels of retention in all
countries demonstrating the resilience of our business model.
have achieved our growth targets in the UK and internationally with our
affinity partner households in the US doubling to over 20 million and
the financial contribution from our international operations increasing
by 72 per cent.”
Homeserve told investors that the number of
policies sold rose to 10.3 million over the period, compared to 9.2
million in 2009 and the total number of customers increased to 4.7
million from 4.3 million.
Homeserve said it remains well positioned for the future and looks forward to another year of strong growth.
group, which exited from UK Emergency Services, resulting in loss of
£42.0 million in discontinued operations, posted a three per cent rise
in customer growth in the UK and a retention rate of 82.5 per cent
compared to 83 per cent in 2009.
International operating profits rose sharply to £8.7 million from £5.1 million the year earlier.
increased 31 per cent at its European business over the year while in
the US revenue increased 41 per cent and policies grew 38 per cent.