Homeserve trading in line with expectations, weighted towards 2H

FTSE 250 home repairs and improvements business Homeserve said on Friday that trading in the period from 1 April to 20 July was in line with its expectations of continued strong growth in the current financial year.

Ahead of its annual general meeting later in the day, the company said that as previously disclosed, its business continues to be highly seasonal with full-year 2018 trading expected to be more significantly weighted towards the second half.

Momentum in North America remains strong, with 2.5m new households added in the period, driven by 24 new partner signings. The group now has access to 53m households in NA and serves 3.1m customers.

In the UK, meanwhile, the business is performing in line with expectations. Homeserve said future growth initiatives are focused on developing a full heating repair, service and installation business, and on expanding partnerships in the insurance industry through the deployment of its LeakBot water leak detector.

In Spain, Italy and France, the group is also on track, with all three businesses focused on developing new and existing partnerships.

As previously announced, Homeserve is expanding its business from the home assistance sector into the much broader home repairs and improvements market. Following the investments last year in Checkatrade in the UK and Habitissimo in Spain, early testing is under way for a range of new propositions, including a guarantee-backed model in Scotland and a payment platform for contractors in Madrid.