HomeServe agrees £250m credit facility
HomeServe has renewed its banking arrangements and agreed a £250m credit facility, it told the Stock Exchange this morning (29 July 2011).
The Walsall home emergency business agreed the deal with its bankers on 22 July.
HomeServe said it is on target for 3 per cent customer growth and recently secured its five millionth customer. Its financial position is "strong" with "low levels" of debt, and it expects "another year of strong growth", the company said.
It told the Stock Exchange: "The UK has made a good start to the year with continued growth in customer and policy numbers and the retention rate remains high and in line with the 82.7 per cent reported for 2011.
"As in previous years, the phasing of profits will be weighted towards the second half reflecting the seasonality of our marketing activity and associated renewals profile."
In February HomeServe announced that the cold winter had led to a spike in new customers and it completed 30 per cent more jobs than in the previous winter.
