Homeserve Ups Policy Numbers; High Retention In FY11 So Far

30th Jul 2010 07:23

LONDON (Dow Jones)--U.K. repair and maintenance group Homeserve PLC (HSV.LN) Friday said it has increased its membership businesses in the first four months of fiscal 2011, with rising policy numbers and high retention rates across all of its territories. Homeserve said its expectations for the full year remain unchanged, but didn't say what these were. However, analysts forecast fiscal 2011 pretax profit of GBP116.2 million on revenue of GBP431 million, according to FactSet. In an update on trading from April 1 to July 30, Homeserve said its U.K. operations are on track to meet its customer growth and retention targets for fiscal 2011, and said it has signed an agreement with Towergate, a U.K. insurance broker network, to distribute its products. The company said its operations in the U.S. and continental Europe are also performing well, adding that its French warranty business SFG has signed its first manufacturer warranty agreement with European domestic appliances manufacturer Indesit Co. SpA (IND.MI) to manage its extended manufacturer warranty policies from the second half of the year. Homeserve said its financial position remains strong, with low levels of net debt and "significant headroom" on its banking facilities. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires July 30, 2010 02:23 ET (06:23 GMT)