HomeServe plc (LON:HSV) today announced Interim results for the six months ended 30 September 2018
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Six months ended |
Six months ended |
Change¹ |
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30 September 2018 |
30 September 2017 |
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Revenue |
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£404.3m |
£366.0m |
+10% |
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Statutory operating profit |
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£24.6m |
£27.5m |
-11% |
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Statutory profit before tax |
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£19.3m |
£21.2m |
-9% |
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Basic earnings per share |
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4.6p |
5.1p |
-10% |
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EBITDA |
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£60.5m |
£56.1m |
+8% |
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Adjusted² operating profit |
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£37.1m |
£35.3m |
+5% |
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Adjusted² profit before tax |
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£31.8m |
£29.0m |
+10% |
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Adjusted² earnings per share |
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7.5p |
6.8p |
+10% |
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Ordinary dividend per share |
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5.2p |
4.7p |
+11% |
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Net debt |
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£291.9m |
£304.0m |
-4% |
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Total customers |
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8.3m |
7.8m |
+5% |
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Strong operational performance and good progress on growth initiatives across the business
· Adjusted PBT up 10% in the seasonally quieter first half to £31.8m; statutory PBT down 9%, reflecting straight-line amortisation charges linked to prior period acquisitions
· Improved performance in the UK, with adjusted operating profit up 11% to £10.2m and three new energy partners signed
· Continued strong growth in North America, with adjusted operating profit up 28% to $18.9m
· Good progress with business development in France, with a new long-term contract signed with Veolia
· Adjusted operating profit in Spain up 9% to €9.8m, in line with expectations
· Excellent progress in Home Experts, with Trades subscribers up 17% to 54k and website visits up 17% to 51.7m, indicating increased consumer engagement
· Strong financial position: over £200m headroom against total debt facilities at 30 September 2018; additional £174.2m arranged via a US private placement on 25 October 2018
· Interim dividend up 11% to 5.2p
Richard Harpin, Founder and Group Chief Executive, HomeServe plc, commented: “We have delivered a strong first half and remain confident in our growth prospects for the full year. Business performance has been good in all our geographies and we have made progress on strategic initiatives in all four of our global business lines.
“HomeServe has just celebrated its 25th anniversary. I am as excited as ever by the opportunities to continue to build our business so that we can help homeowners with every job, in every home.”
