LONDON (dpa-AFX) - Homeserve Plc (HSV.L) announced that adjusted operating profit for the six months ended 30 September 2019 improved 2% to £37.7 million, reflecting good operational performance in the seasonally quieter first half across Membership and a modest FX benefit, together with planned investment in Home Experts.
Statutory operating profit rose 17% to £28.8 million, statutory profit before tax improved 2% to £19.7 million. Basic earnings per share rose 9% to 5.0p.
Revenue was up 13% to £457.7 million, adjusted EBITDA increased 17% to £70.9 million. Adjusted profit before tax declined 10% to £28.6 million, while adjusted earnings per share fell 13% to 6.5p.
Homeserve also announced an agreement to acquire 79% of Home Experts business, eLocal, for c.$140 million on a debt free, cash free basis. eLocal had net assets of $10.4 million and gross assets of $14.2 million at 31 December 2018.
Homeserve expects this transaction to close in December 2019 and also has options in place to acquire the remaining 21% of eLocal over time.
HomeServe also announced the appointment of Katrina Cliffe as Senior Independent Director, replacing Stella David.
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© 2019 AFX News
