Homeserve Plc AGM Statement (1007I)
July 20 2012 - 2:00AM
UK Regulatory
TIDMHSV
RNS Number : 1007I
Homeserve Plc
20 July 2012
HomeServe plc
Interim Management Statement
HomeServe plc, the international home emergency business, today
publishes its Interim Management Statement for the period 1 April
2012 to 20 July 2012. This statement coincides with the company's
Annual General Meeting which takes place today.
HomeServe continues to grow its international businesses and in
the UK is making progress in simplifying and refocusing the
business. As in previous years, our trading will be weighted
towards the second half of the financial year reflecting the
seasonality of our marketing activity and associated renewals
profile.
We will, as usual, provide a trading update on our performance
in the first six months of our financial year before we enter the
close period at the end of September 2012.
UK
We are making progress in simplifying and refocusing the
business and remain on track to achieve our full year customer
number and retention targets. Our affinity partners remain
supportive and we are continuing to implement our marketing plans
as well as reviewing and developing new customer propositions which
we will be testing through the second half of the year.
The Financial Services Authority's investigation into our past
issues has started and, as we said in May 2012, will take a number
of months to complete.
We are making good progress in implementing our business
improvement initiatives, including strengthening the UK Board with
the appointment of David Bennett as Non-Executive Chairman of
HomeServe Membership Limited. David has significant experience of
working in the regulated financial services sector having held a
number of senior executive positions including Group Chief
Executive of Alliance & Leicester plc and an Executive Director
of Abbey plc.
International Businesses
Our established international businesses in USA, France and
Spain continue to grow their customer and policy numbers.
Our USA business has expanded its marketing activity, with new
campaigns started with EPCOR and Water One. We have also increased
our number of marketable households with the signing of an affinity
partner agreement with Alameda County Water District, a municipal
water utility, which serves 80,000 households in California.
Retention in our USA business remains high with the rate at the end
of June remaining in line with 31 March 2012.
Domeo, our established business in France, has maintained a high
retention rate of around 87% and with continued growth in income
per customer.
Our test marketing in Italy with Enel is ongoing and we have
also started our test activity with BS Energy in Germany.
Financial Position
HomeServe's financial position remains strong with net debt at
30 June 2012 of GBP61m, providing significant headroom against our
committed facility of GBP250m.
Contacts
HomeServe plc Tel: 01922 427979
Richard Harpin, Chief Executive
David Bower, Interim Chief Financial Officer
Mark Jones, Head of Investor Relations
Tulchan Group Tel: 0207 353 4200
Christian Cowley
Ed Orlebar
More information on HomeServe plc can be found on our corporate
website: www.HomeServeplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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