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Homeserve sees profits rise on DIY surge during pandemic

Tue 06 April 2021 07:33 | A A A

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(Sharecast News) - UK maintenance company Homeserve said it expected a £10m rise in annual profits as the home improvement market surged during the coronavirus pandemic.

The maintenance and repair firm said it expected adjusted pre-tax profit for the year to March 31 to be around £191m.

North America customer numbers grew 7% to 4.7m with affinity partner relationships providing access to 66m households, up 2m.

UK customers spent more, but there were fewer of them, down 200,000 to 1.6bn, Homeserve said. The group retention rate increased to 83% from: 82%.

Net debt at the end of the financial year was up from £509m to around £530m.

"Renewed focus on homes during the pandemic highlighted the value of HomeServe's core propositions across its Membership and Home Experts businesses," the company said on Tuesday.

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