Homeserve to cut size of UK arm
HOMESERVE said “historical issues” at the home repair and insurance group would be investigated by regulator the Financial Services Authority (FSA), following an internal probe into possible mis-selling.
HomeServe, which has seen sales and shares slide since October after suspending its UK telesales while it revised sales techniques and marketing material, said the FSA’s investigation would take a number of months to complete.
The group also said that it planned to reduce the size of its core UK business to create “a more sustainable business from which to grow”, while focusing on expanding in its international markets.
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Hide AdHomeServe reported an adjusted pre-tax profit of £126m ($199m) for the year to March 31, in line with analyst forecasts, on revenues up 14 per cent to £534.7m.