Homeserve hit after profit alert

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Homeserve makes it money insuring households against plumbing and electrical emergencies.

Today it admitted not only are its retention rates for its core business down but also warranties it sells for newly built homes and for big ticket furniture items have collapsed along with the property and retail markets.

That, said Homeserve, will take up to £3 million off this year's profits which had been expected to come in at up to £100 million.

The company is taking a further £3 million charge for laying off dozens of staff in a restructuring.

The downbeat news sent Homeserve shares plunging by 30%, down 353p to a three-and-a-half-year low of 866p.

For the six months to the end of September, traditionally its quieter period, Homeserve said profits came in 12% better at £21 million. The interim dividend is up 12% to 10.5p.