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View Annual Report HomeServe Annual Report & Accounts 2017 & Accounts Annual Report Annual Report & Accounts 2017 Overview HomeServe at a glance We provide home repair and improvement services to 7.8m customers, with established businesses in the UK, North America, France and Spain - all now operating under our Global brand, HomeServe. Revenue +24% Customers +11% £785.0m 7.8m (FY16: £633.2m) (FY16: 7.0m) Statutory operating profit +20% Adjusted operating profit1 +22% £104.7m £118.8m (FY16: £86.9m) (FY16: £97.3m) Basic earnings per share +22% Adjusted earnings per share +24% 24.0p 27.0p (FY16: 19.6p) (FY16: 21.8p) Ordinary dividend per share +20% 15.3p (FY16: 12.7p) Overview Governance At a glance IC Chairman’s overview 62 Financial highlights 2 Directors 64 Chairman’s statement 4 Corporate Governance report 66 Audit & Risk Committee report 74 Strategic report Remuneration report 80 Chief Executive’s review 8 Directors’ report 111 Our business model 10 Directors’ responsibilities 114 Our strategic framework 12 Financial review 34 Financial statements Principal risks and uncertainties 42 Independent Auditor’s report 118 Group financial statements 130 Corporate responsibility Company financial statements 180 Customers 54 Employees 56 Community 57 Environment, Health & Safety 58 Annual Report & Accounts 2017 Our vision: “To be the world’s most trusted provider of home repairs and improvements.” To view this report online, go to homeserveplc.com 1 The Group uses adjusted operating profit, EBITDA, adjusted profit before tax and adjusted earnings per share as its primary performance measures. These are non-IFRS measures which exclude the impact of the amortisation of acquisition intangible assets (FY17: £14.1m, FY16: £10.4m). Acquisition intangible assets principally arise as a result of the past actions of the former owners of businesses in respect of marketing and business development activity. Therefore, the adjusted measures reflect the post acquisition revenue attributable to, and operating costs incurred by, the Group. A reconciliation between the adjusted and statutory equivalent is included in the Financial review. 1 Overview Financial highlights Statutory operating profit Adjusted operating profit £104.7m (FY16: £86.9m) £118.8m (FY16: £97.3m) 2017 2016 2017 2016 UK 62.0 57.4 UK 63.2 58.0 North America 14.7 7.8 North America 21.2 12.1 France 21.1 18.0 France 27.1 23.2 Spain 13.0 9.6 Spain 13.3 9.9 New Markets (6.1) (5.9) New Markets (6.0) (5.9) Anity partner households Customers 102m (FY16: 92m) 7.8m (FY16: 7.0m) 2017 2016 2017 2016 UK 24 24 UK 2.2 2.2 North America 50 32 North America 3.0 2.3 France 15 15 France 1.0 1.0 Spain 12 15 Spain 1.3 1.2 New Markets 1 6 New Markets 0.3 0.3 Retention 82% (FY16: 83%) UK North America France Spain 80% 82% 89% 78% (FY16: 82%) (FY16: 82%) (FY16: 89%) (FY16: 77%) 2 Annual Report & Accounts 2017 3 Overview Chairman’s statement I am delighted that the Group had Finally, opening new countries, via a joint another very good year delivering venture, remains a key priority and we have customer and profit growth, with made good progress in FY17, with discussions continued investment to deliver our in progress with multiple prospects. strategy. We have a clear vision “to be the world’s most trusted provider Dividend of home repairs and improvements” Given the Group’s performance this year and we have agreed the strategic and the Board’s confidence in its future priorities (see page 12 for our prospects, the Board is proposing an increase strategic framework) to ensure we in the final dividend to 11.2p a share, bringing achieve it. the total ordinary dividend for the year to 15.3p (FY16: 12.7p), an increase of 24%, which There are four areas of progress in the is 1.76x covered by the FY17 adjusted earnings year that I would like to specifically per share compared to 1.72x in FY16. address in this statement. Board changes Firstly, the rate of progress in North During the year David Bower was appointed America has been very positive. Through as Chief Financial Officer and Johnathan the strength of the existing business, Ford as Chief Operating Officer. We have enhanced with the acquisition of Utility also strengthened the Board with the Service Partners we have achieved the appointment of three new Directors with 3m customer milestone and 50m affinity effect from 23 May 2017. Tom Rusin has partner households – great progress been appointed as an Executive Director toward our 80m household target. and Katrina Cliffe and Edward Fitzmaurice have both been appointed as Non-Executive Secondly, the strength of affinity Directors. Katrina will also join the Audit partnerships is the bedrock of our & Risk Committee. Tom has been Chief business and I am delighted with the Executive Officer of HomeServe USA since launch of Aviva Response in the UK and July 2011 and is currently a member of the the new joint venture with Edison Energia HomeServe plc Executive Committee. in Italy. Digital marketing is already live with both partners, a demonstration of People our mutual commitment. HomeServe’s success is driven by the commitment of its people. On behalf of the At the Capital Markets Day in June Board, I would like to thank all our people for last year, we said we wanted to offer their contribution to another set of very good a compelling on demand service to results. homeowners. We have accelerated our plans with the investment in JM Barry Gibson Checkatrade in the UK and the Chairman acquisition of Habitissimo in Spain. 23 May 2017 4 Annual Report & Accounts 2017 “I am pleased to welcome USP, Checkatrade and Habitissimo to the HomeServe family and look forward to making the most of our on demand opportunity.” JM Barry Gibson 5 Strategic report Put customers at the heart of everything we do Our global values Put customers at the heart of everything we do Develop and encourage great people who are passionate about taking responsibility and making things happen Combine relentless innovation with integrity and professionalism views, from l re c ea us r to m 70 9 e , r 1 s n l i k o % e d y e o s u a . B of 93customers would Strive to be the best in the buy again. world at what we do by 6 Annual Report & Accounts 2017 “We aim to make it easier for customers to get home repairs done easily and quickly – their emergency is our emergency.” Martin Bennett, UK CEO 7 Strategic report Chief Executive’s review HomeServe has had another very taking total access to 50m households. good year with strong underlying Organic customer growth was 10% and, performance enhanced by foreign together with USP, customer numbers exchange tailwinds. Affinity partner increased to 3.0m, up 28% on the prior households increased by 10m to year. 102m, with a significant increase in North America. This is in addition We have seen good customer growth to 11% Group customer growth, and profit progression in our established with customer numbers now at businesses in France and Spain with 7.8m. Statutory operating profit was customer numbers increasing 4% to up 20% to £104.7m, and adjusted 1.0m and 7% to 1.3m respectively. The operating profit increased 22% to Group retention rate was strong at 82% £118.8m, both included a £10.3m (FY16: 83%). foreign exchange benefit. We invested £6.0m in the New Markets A solid performance in the UK delivered segment, as planned (FY16: £5.9m). Our over half of the Group’s operating profit, Italian business established a joint venture while we also continued to invest in new with Edison Energia and we progressed partnerships, network capability, LeakBot our expansion into new countries and and heating services. development of an online on demand home repair and improvement offering The business in North America had – our “Home Experts” platform. a transformational year, completing the acquisition and integration of Our investment in Checkatrade and Utility Service Partners Inc. (USP) acquisition of Habitissimo are a major while continuing to sign new partners step forward and position us at the fore organically. As a result, we made rapid of the online revolution we are seeing progress towards the targeted 80m in home services. The Home Experts affinity partner households, where 18m online platform will connect a wider households were added during FY17, consumer demographic to a broader range of expert tradespeople. 8 Annual Report & Accounts 2017 “With these opportunities, and the positive outlook for the rest of our business, HomeServe has an exciting future this coming year and beyond.” Richard Harpin Chief Executive 9 Strategic report Our business model Our vision is to be the world’s most trusted provider of home repairs and improvements Inputs Value added Global presence with local partners Engaged affinity We secure long-term affinity partnerships partners with global brands that are relevant to our home assistance and improvement products. Our partnerships include utilities, heating manufacturers and specialist service providers. Our home assistance products are underwritten n de by third party underwriters, independent o m & an of HomeServe. We act as an insurance ip d Comprehensive intermediary and do not take any material sh h r o products & insurance risk. e m b marketing expertise e m r e e p m a i d r e s s & u Leading the standard c i m Expert contact for service delivery o f p r centres r e Our local call centres are available to handle o v m e customers’ claims and our extensive network o m t s e of engineers and Home Experts are on hand u n C t to solve our customers’ home assistance, s repairs, improvements and installations problems throughout the year.
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