HomeServe, the domestic repair and emergency services behemoth, has reported a loss despite its sales soaring to over £1bn last year.
The Walsall-based firm posted a revenue of £1.1bn for 2024, alongside a pre-tax loss of £31.7m, as reported by .
These figures contrast with the revenue of £774m and pre-tax profit of £87.9m it achieved in the nine months leading up to the end of 2023.
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HomeServe's financial year was altered following its acquisition by a Canadian alternative investment group in 2022.
The last time HomeServe reported figures for a 12-month period, the year ending 31 March, 2023, the company recorded a revenue of £976.3m and a pre-tax loss of £50.4m. The newly filed accounts with Companies House are the second since HomeServe was taken over by Brookfield Asset Management in a deal valuing the company at £4.1bn.
The firm had been listed on the London Stock Exchange since 2004 and was a member of the FTSE 250 index. HomeServe was established by Richard Harpin as a joint venture with South Staffordshire Water in 1993.
The takeover deal earned Harpin – who resigned as chairman in January this year – and his wife nearly £500m. Checkatrade is part of the HomeServe group, having been acquired in 2019.
In a statement approved by the board, HomeServe announced: "Operating profit reduced to £3.4m in the year, reflecting softer trading in certain markets and the impact of a full 12-month reporting period."
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"The period-on-period fluctuation was primarily driven by one-off challenging conditions in France and Spain, alongside the full-year impact of FY23 M&A, particularly the acquisition of Boxt."
"In France the temporary impact of legislative uncertainty drove a 22 per cent deterioration in operating performance on a like-for-like basis."
"This was principally driven by certain HVAC businesses as approvals for government subsidies projects ceased around the 2024 elections."
"In addition the adverse impact of one-off flooding events reduced the ability of our Spanish claims business to operate during Q4 in the Valencian community and surrounding areas causing overall Spanish operating results for the year to be restricted to two per cent growth on a like-for-like basis."
HomeServe also noted an increase in the level of one-off impairments by £49.1m to £56.9m following the decision not to invest further in Habitissimo.