Interim report
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HomeServe plc Interim results for the six months ended 30 September 2021 Strong performance in North America , Home Experts and Continental Europe ; early progress to broaden UK business Revenue Statutory operating profit Statutory profit before tax Basic earnings per share Adjusted² EBITDA Adjusted² operating profit Adjusted² profit before tax Adjusted² earnings per share ● Ordinary dividend per share Net debt² Six months ended 30 September 2021 £ 610.5m £ 32.1m £ 18.9m 3.9p £ 88.8m £ 54.7m £ 42.2m 9.0p 6.8p £ 625.1m Six months ended 30 September 2020 £ 536.7m £ 21.2m £ 10.1m 2.0p £ 83.8m £ 44.2m £ 33.1m 7.1p 6.2p £ 586.7m Change¹ + 14 % + 51 % + 86 % + 93 % + 6 % + 24 % + 27 % + 27 % + 10 % + 7 % CC Change¹ + 20 % + 64 % + 102 % + 110 % + 13 % + 33 % + 37 % + 35 % + 9 % Revenue growth of 14 % and adjusted operating profit growth of 24 % driven by strong performance in North America , Home Experts and Continental Europe . North American Membership & HVAC delivered adjusted operating profit growth of 11 % on a constant currency basis , with new utility partnerships delivering access to a further 6.1m households . In EMEA Membership & HVAC , France delivered 28 % revenue growth , profits doubled in Spain and progress continues with signing utility partners in Japan . In the UK , adjusted operating profit grew 3 % to £ 9.4m and initiatives to transform and broaden the business are making good early progress : the acquisition of CET Structures Ltd ( “ CET " ) on 22 October creates a leadership position in home emergency assistance to complement home assistance cover and HVAC , and stimulate profit growth . Home Experts division now profitable , with adjusted operating profit of £ 3.7m ( statutory operating loss of £ 1.3m ) . Financial position remains strong : leverage increased to 2.1x net debt : EBITDA ( HY21 : 2.0x ) , reflecting typical first half seasonality and investments in the period . Interim dividend up 10 % to 6.8p , reflecting strong performance and continued confidence in the Group's growth prospects . Richard Harpin , Founder and Group Chief Executive , HomeServe plc , commented : " This is another very good set of results for HomeServe , with significant progress across all areas of the business . North America delivered an outstanding performance and is ahead of our original plan to achieve our next milestone of $ 230m adjusted operating profit . Our European businesses are performing well and pursuing innovative initiatives to broaden our reach . The UK , our most established market , continues to provide attractive returns and high quality service to our customers , and the team are making good early progress with their plan to broaden the business , notably with the acquisition of CET . We are building significant long - term value in Home Experts , with continuous innovation in our leading online platform in Checkatrade . Our ambitions for the current financial year are unchanged , which means that we expect to deliver an acceleration in performance this year , followed by significant longer term growth . Creativity , delivery and momentum have never been stronger . " ¹Percentage movements throughout this announcement are based on full unrounded results , not the rounded figures in the tables . ²HomeServe uses a number of alternative performance measures ( APMS ) to assess the performance of the Group and its individual segments . APMs used in this announcement are non - GAAP measures which address profitability , leverage and liquidity and together with operational KPIs give an indication of the current health and future prospects of the Group . Definitions of APMs and the rationale for their usage are included in the glossary at the end of this announcement with reconciliations , where applicable , back to the equivalent statutory measure . 1