Full year outlook unchanged at Homeserve

First half profits from international home emergency business Homeserve will be higher than in the corresponding period of last year, and therefore higher than some broker estimates.

Adjusted pre-tax profit for the six months ending September 30th is expected to be higher than the £23.5m achieved at the interim stage last year, principally due to the benefits of increasing ownership of Domeo from 49% to 100%. Broker Peel Hunt had forecast £20m.

Net debt at the end of September is expected to be around £75m, up from £66.0m at the end of March, leaving "significant headroom against our committed facility of £250m."

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