Homeserve 08/02/2012
Home maintenance and emergency repairs concern Homeserve has warned that its reduction in customer numbers is 3% higher than expected.
Miniscule finance company TEP Exchange operates an electronic trading platform for people wanting to sell their endowment policies rather than surrender them. The business has made considerable progress in the six months to June, but it is still loss-making. Sales rose from £50,000 to £422,000, with losses trimmed from £819,000 to £266,000. There is £200,000 left in the bank following a £1.2m fundraising in August 2001. Legislation is working in its favour. As of 1 September, insurance companies will be forced to inform endowment holders that they may receive a higher return by selling it in the market. If TEP Exchange can weather the current stock market turmoil and keep its costs low, it has a good chance of succeeding. Speculative.
Market cap: £2.6m
PE Forecast: n/a
Share price: 2.25p
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Home maintenance and emergency repairs concern Homeserve has warned that its reduction in customer numbers is 3% higher than expected.
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