Homeserve is braced for fine

City A.M. Reporter
SHARES in Homeserve rose by as much as 12 per cent yesterday after the household repairs and insurance firm delivered a better-than-expected growth outlook, despite admitting it could be fined up to £6m by City regulators.

Revenues rose more than two per cent to £546.4m in the year to 31 March, but pre-tax profits fell 17 per cent from £126m to £105m.

Statutory profits, which include a provision of £4m for UK reorganisation, £6m for the ongoing Financial Conduct Authority investigation, and a £15m writedown in France, were £67m.