Emergency repairs ╩irm Homeserve hit an all-time high yesterday after beating
expectations with a 24 per cent surge in revenues for the year ended March 31.
The FTSE 250 ╩irm added £234.5million to its value, leading the pack in a strong day
of results for medium-sized companies.
Turnover rose to £785million from last year's £633.2million, while pro╩its rose 20 per
cent to £104.7million.
The ╩irm was given a major boost by its purchase of a 40 per cent stake in online
tradesman directory Checkatrade for £24million in December.
It made the purchase as part of an ongoing effort to offer a more complete home
repair and improvement service.
Analysts at broker Liberum praised the investment and said it will give Homeserve
access to a currently untapped market.
Investors were further enlivened by a shake-up at the company's board. Tom Rusin,
chief executive of Homeserve USA, was made executive director while former
Hastings Insurance chief executive Edward Fitzmaurice joined as a non-executive
director. Shares rose 10.8 per cent, or 75.5p, to 777.5p.