Emergency repairs group Homeserve has revealed sales have increased by more than a quarter – sending profits soaring to £117.1 million.
Walsall-based Homeserve (HSV) – which sponsors Premier League club West Bromwich Albion – saw revenues rise to £467.1 million in the year to March 31, compared to £369 million in the 2010 financial year.
That meant pre-tax profits rose from £100.6 million to £117.1 million – an increase of 16 per cent.
The group now has 4.9 million customers and a total of 11.4 million policies across the world after a 15 per cent rise.
Chief executive Richard Harpin – who earned himself £66 million by selling a five per cent stake in the firm last year – said the company benefited from growing sales across the globe on the back of takeovers.
He said: “Our established international operations in France, USA and Spain have more than doubled their adjusted operating profit in the year to £16 million. This has been driven by increasing organic and acquisitive growth in the US and strong earnings growth in Doméo.
“Furthermore we have increased our investment in our New Markets operations in Belgium, Italy and SFG in France which is delivering encouraging results.
“HomeServe has made a good start to the new financial year in each of our markets and remains well positioned for the future. We look forward to another year of strong growth.”
The group said performance in the UK also remained strong, as retention rate remains high at 82.7 per cent, exceeding its 82 per cent target.
It also recorded an improvement in cashflow, up to £86.1 million, from £26.3 million in 2010.