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Homeserve PLC on Tuesday reported a higher interim profit in the six months to September 30 on the back of revenue growth, ahead of its takeover early next year.
The home repairs company said pretax profit rose 19% to £22.4 million year-on-year from £18.9 million. Revenue grew 17% to £714.4 million from £610.5 million. However, operating costs also increased by 17%, to £676.4 million from £577.1 million.
‘The UK cost base benefited from increased operational efficiency, with a higher proportion of jobs completed by directly employed engineers,’ Homeserve said.
Regarding its takeover by Brookfield Infrastructure Partners LP, Homeserve said all necessary regulatory and competition approvals have been obtained in the UK and continental Europe, and the deal is only awaiting approvals from two state insurance regulators in the US. ‘If the remaining approvals do not arrive in time to complete the transaction before the end of 2022, completion is expected to occur early in 2023,’ Homeserve said.
Due to the takeover, the company declared no dividend, compared to a 6.8 pence per share payout a year prior.
Homeserve shares were flat at 1,192.00 pence each in London on Tuesday morning.
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