Homeserve PLC (LSE:HSV) released what may be its last set of full-year results as an independent company, boasting of strong profit growth.
The home repairs group, which has agreed to be taken over by Canadian investment giant Brookfield for almost £4.1bn, saw revenue rise by 10% to £1.42bn in the year to the end of March 2022 from £1.3bn the year before.
Profit before tax soared by 271% to £175.1mln from £47.2mln the year before while adjusted profit before tax, which excludes items deemed to be one-offs, rose 15% to £220.3mln from £191.3mln.
Homeserve PLC (LSE:HSV) - Numbers in line, but the deal remains the key - https://t.co/kcXDRUEPBB
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Net debt at the end of March stood at £643mln, up from £514mln a year earlier.
In light of the recommended cash offer for the group announced last week, the board is not recommending a final dividend.
READ HomeServe agrees to be taken over for £4.1bn by Brookfield Infrastructure Funds
“HomeServe has emerged from the Covid-19 pandemic with all three of our business divisions performing strongly. Our Membership-based business model continues to be resilient, predictable and highly cash generative, and we are well-positioned for continued growth,” said Richard Harpin, the founder and chief executive officer of Homeserve.