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Homeserve ups dividend on brighter outlook
StockMarketWire.com
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Home repairs company Homeserve raised its interim dividend after it forecast a full-year profit 'slightly ahead' of market expectations amid a better-than-expected showing in the first half.
HomeServe said it expected to deliver pre-tax and amortisation profit, or PBTA, for fiscal 2021, slightly ahead of current consensus earnings estimates of £186.2 million.
That would be above the £181 million reported for 2020.
For the six months ended 30 September, pre-tax profit fell to 49% to £10.1 million year-on-year as revenue rose 17% to £536.7 million.
The reduction in profit was blamed on the absence of exceptional gains reflected in the prior period of £7.4 million, and higher acquisition-related amortisation of £23.0 million from £16.3 million a year earlier.
Revenue growth was driven by 'strong' growth in North America and the inclusion of revenue from eLocal, the company said.
'HomeServe exited the first half with the business trading well, having recovered earlier and more strongly from the effects of the first global lockdown than originally anticipated.'
The company said it had appointed Ross Clemmow to the new role of chief executive, EMEA. Clemmow would join HomeServe early in 2021.
Story provided by StockMarketWire.com
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