Home-insurance company HomeServe Plc (HSV.L) Tuesday reported an increase in pre-tax profit for the first half, as revenues grew year over year, driven by improved number of customers and policies. The company said it continues to see good levels of new policy sales and high levels of renewals in the second half.
Pre-tax profit for the half year grew to GBP 18.06 million from GBP 13.78 million in the year-ago period.
However, HomeServe reported loss attributable to equity holders of the parent of GBP 12.33 million or 19.5 pence per share, compared with a profit of GBP 10.14 million or 5.7 pence per share in the prior year period, reflecting loss from discontinued operations.
Due to the tough operating environment, the company sold three of the UK Emergency Services businesses to Lloyds Development Capital in September.
Loss for the period from discontinued operations was GBP 24.58 million, compared with a profit of GBP 482 thousand in the previous year. Core profit attributable to equity holders of the parent increased to GBP 18.5 million from GBP 10.6 million in the earlier period. Non-core loss attributable to equity holders of the parent widened to GBP 30.8 million from GBP 0.4 million in the same period last year.
Core profit before tax, amortisation of acquisition intangibles, exceptional items and tax on joint ventures was GBP 18.94 million, up from GBP 16.52 million a year ago. Adjusted core earnings per share for the period was 21.3 pence, higher than 18.5 pence a year ago.
HomeServe noted that, during the period, it has benefited from a one off exceptional revenue gain of GBP 10.2 million in respect of previous years' insurance premium tax following a successful appeal to the High Court. Total revenues increased to GBP 173.80 million from GBP 168.93 million in the comparable period.
Revenues for core membership businesses increased 25% to GBP 135 million from GBP 107.7 million. Excluding the impact of acquisitions and foreign currency movements, revenues for core operations increased 18%.
Revenues within non-core UK Emergency Services division plunged 53% to GBP 28.6 million from GBP 61.2 million last year, reflecting underlying fall in volumes as a result of ongoing challenging market conditions in this non-core division. Revenues for the total group declined 3% to GBP 163.6 million from GBP 168.9 million a year ago.
Currently, the company has 4.4 million customers, compared to 4.1 million in the prior year. HomeServe has 9.6 million policies worldwide, up from 8.4 million last year, with access to 56 million households underpinning our future growth potential.
In September, the company sold three of the UK Emergency Services division, Glazing & Locks, ChemDry and Contents, and the company added that exit from UK Emergency Services to be completed by end of January 2010.
HomeServe has proposed an interim dividend of 11.5 pence per share, up 10% from last year, to be paid on January 4, 2010 to shareholders on the register at December 4, 2009.
The company said it has confidence for the full year and it continues to see good levels of new policy sales and high levels of renewals as they enter the second half, the busiest part of the financial year.
HSV is currently trading at 1,551.00 pence per share, up 2.04%, on the London Stock Exchange.
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