HomeServe looking to expand at home and abroad

Emergency repair and insurance group HomeServe forecast further growth in the current financial year, as it expects to add more customers in its core UK market and expand its international business.

By The Newsroom

Published 25th May 2011, 07:00 BST

The company expects at least three per cent growth in customers and a retention rate of over 81.7 per cent in its core UK business, said chief executive Richard Harpin.

The company got three-quarters of its revenue from the United Kingdom in the last financial year. However, growth was faster in the United States as revenue doubled to £52.6m.

Harpin said HomeServe was eyeing an entry into German and Canadian markets, even as it hoped to expand its footprint in the US market.

“In Germany, we are looking at around 16 million households, which gives us a sufficient size of market to make it attractive,” he said.

The company, which has signed agreements with two US utilities, expects to sign more deals in the next year.

HomeServe sells insurance cover for, and fixes, burst pipes, broken boilers and drains through a network of utility partnerships.

United States Germany