HOMESERVE PLC
TRADING UPDATE
LONDON - 6 April 2021 - HomeServe plc ("HomeServe", "the Group"), the international home repairs and improvements business, today publishes the following update in respect of its financial year ended 31 March 2021.
HomeServe delivered a good performance in FY21, with adjusted profit before tax (PBTA) expected to be around £191m (FY20: £181.0m), in line with consensus expectations1. The business continued to deliver for customers throughout the COVID pandemic while looking after its people and supporting trades (tradespeople). Renewed focus on homes during the pandemic highlighted the value of HomeServe's core propositions across its Membership and Home Experts businesses.
In Membership, North America saw further strong organic customer growth of 7% to 4.7m (FY20: 4.4m) and finished the year with its affinity partner relationships providing access to 66m households (FY20: 64m). As expected, the UK saw higher income per customer from a smaller customer base, ending the period with 1.6m customers (FY20: 1.8m). The Membership model continued to prove resilient across all of HomeServe's territories, and the Group retention rate increased to 83% (FY20: 82%).
The Group's buy-and-build strategy in HVAC continued in the second half, with a further 13 acquisitions taking the total to 22 for the year (FY20: 15).
In Home Experts, Checkatrade finished the year well with 44k paying trades (FY20: 39k) and a further 71k trades on the platform as either affiliate or freemium members. eLocal sustained its strong momentum from the first half and the Directory Extra model was implemented at Habitissimo.
Net debt at 31 March 2021 was c.£530m on an IFRS 16 basis (FY20: £509m), being c.1.8x EBITDA, with strong cashflow in the Group's seasonally busier second half partially offset by further HVAC M&A.
Further detail on all the Group's businesses will be provided in HomeServe's preliminary results on 18 May 2021.
1 Consensus adjusted profit before tax, the mean average of 16 analyst estimates, stands at £190.2m. Adjusted PBT excludes the impact of the amortisation of acquired intangible assets, certain acquisition-related costs and exceptional items.
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Media enquiries: Tulchan Group Martin Robinson +44 207 353 4200 |
HomeServe Investor Relations
Miriam McKay - Group Communications and IR Director +44 7795 062564
Dami Tanimowo - Senior Investor Relations Manager dami.tanimowo@homeserveplc.com +44 7747 761155
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About HomeServe
HomeServe is an international home repairs and improvements business that makes home repairs and improvements easy by matching customers to trades to generate repeat and recurring income. HomeServe is listed on the London Stock Exchange, with a market capitalisation of £4.1 billion.
ENDS
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