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Homeserve announce an interim dividend up 12% to 5.8p.

Investment Tools Ltd.
Homeserve announce an interim dividend up 12% to 5.8p.

Homeserve announce an interim dividend of 5.8p per share (HY19: 5.2p), an increase of 12%, which will be paid on 7 January 2020 to shareholders on the register on 6 December 2019. 

Other financial highlights include:

Revenue up 13% with strong organic growth and benefits from HVAC (Heating, Ventilation and Air Conditioning) M&A

Adjusted operating profit up 2% to £37.7m reflecting good operational performance in the seasonally quieter first half across Membership and a modest FX benefit, together with planned investment in Home Experts

Continued profitable growth in North America with customers up 13% to 4.2m and adjusted operating profit up 24% to $23.4m

Other Membership businesses performing well: efficiency driven growth in UK (adjusted operating profit up 38% to £14.0m); strongest customer growth in France for four years (up 5%); promising business development and continuing co-operation with Endesa in Spain 

Checkatrade revenue up 34%: trades up 21% to 38k; web visitors up 28% to 11.5m

Agreement to acquire 79% of eLocal for c.$140m on a "debt free, cash free" basis provides a profitable entry to Home Experts in the US: $5m uplift to adjusted operating profit expected in FY20; $16m in FY21

Statutory operating profit up 17% to £28.8m reflecting exceptional gains of c.£7m on sale of Italian associate and acquisition of remaining 30% of Habitissimo, partially offset by increases in amortisation charges as a result of prior period M&A activity

Reductions in adjusted PBT and adjusted EPS due principally to expected increase in interest charges from fixed rate borrowings agreed in the prior period, together with higher net debt: net debt increase reflects inclusion of lease liabilities in accordance with IFRS 16 and investments in growth opportunities

Basic EPS up 9% to 5.0p with strong operating performance and exceptional items offsetting Home Experts investment and increased amortisation and interest charges

Companies mentioned

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