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HomeServe Shares Rise On Interim Results

HomeServe drainage engineer 725 x 500

Shares in HomeServe plc - a home emergency repairs business - have rallied after the company announced its interim results for the six months ended 30th September.

HomeServe reported a 2% rise in pretax profit of £19.7 million, up from £19.3 million, and revenue of £457.7 million, up 13%, citing organic growth and contributions from mergers and acquisitions for the gains.

HomeServe also announced the acquisition of a 79% stake in eLocal, which is anticipated to add around $5 million to adjusted operating profit.  The Group has the option to acquire the remaining share.

Homeserve raised its interim dividend 12 per cent to 5.8p per share, the price of which rose 7.35% to 1,286p in morning trading on the 19th November. 

CEO Richard Harpin said: “I am very pleased with our financial performance and strategic progress in the first half of this year. All of our Membership businesses performed well, with North America continuing to deliver strong growth, and interesting opportunities in all our European businesses to develop new partnerships, harness new technology and continue to improve customer service and efficiency. Our buy-and-build approach to HVAC added five profitable new acquisitions and will become a significant business line for us for the first time this year,”

Source : Insight DIY Team

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19 November 2019

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