Homeserve beefs up FY profit

19th May 2009 08:08

Home maintenance specialist Homeserve posted a 13% hike in full year profit as it exits its UK Emergency Services division unit to focus on its three core businesses. "As a result of ongoing difficult market conditions impacting the performance of UK Emergency Services, we have decided to exit this business and we are progressing a number of approaches. Our decision reflects a commitment to focus exclusively on developing our three policy membership businesses," said Homeserve. Profit before tax rose to £96.1m for the year ended 31 March 2009 from £85.3m previously. Revenue was down 7% at £517.4m during the period. Its UK Membership saw 1.83m new policy sales and an 83% retention rate. The board is proposing a final dividend of 25p per share, which brings the total dividend for the year to 35.5p, a year on year increase of 14%. In a separate statement Homeserve confirmed that chief financial officer Jonathan Simpson-Dent has decided to leave the business at the end of June 2009 to pursue other opportunities.