Sales heat up at HomeServe
Revenue has grown 27 per cent at Walsall-based HomeServe. The home repairs company said sales had hit £467.1m for the year ending 31 March 2011.
Adjusted pre-tax profit was up 16 per cent to £117.1m at the company, which attributed the rise in part to its continued investment in foreign markets.
Operating profit also increased 14 per cent to £119.2m, up from £104.4m in 2010.
HomeServe said customer numbers were on the up, with a recorded 4 per cent increase to three million over the full-year.
The company said its US footprint had grown with both organic and acquisitive partner growth over the 12-month period. New policies in the US rose 55 per cent to 450,000. The American division recorded adjusted operating profit of £6.1m, up from £1.5m in 2010.
Richard Harpin, chief executive, said: "Our established international operations in France, USA and Spain have more than doubled their adjusted operating profit in the year to £16m. This has been driven by increasing organic and acquisitive growth in the US and strong earnings growth in Doméo.
"Furthermore we have increased our investment in our New Markets operations in Belgium, Italy and SFG in France which is delivering encouraging results.
"HomeServe has made a good start to the new financial year in each of our markets and remains well positioned for the future. We look forward to another year of strong growth."
