6 July 2023, London: Domestic & General (D&G), the London headquartered insurer and appliance care specialist with policies in around 1 in 3 UK households, has today published its financial results for the 12 months ended 31 March 2023.
- UK headquartered Group reports 7% revenue and 12% EBITDA growth, continuing over 20 years of sustained revenue and EBITDA growth
- Completed the acquisition of After Inc, an experienced US post-sale warranty provider
- Completed key contract extensions with Sky, Radio Popular and Whirlpool during the year
- Broadened its leadership team, continued its digital transformation and recently opened a new Nottingham operations hub
6 July 2023, London: Domestic & General (D&G), the London headquartered insurer and appliance care specialist with policies in around 1 in 3 UK households, has today published its financial results for the 12 months ended 31 March 2023. Another year of increasing revenue and earnings marks over 20 uninterrupted years of organic growth for the Group. Despite various economic shocks over the 20 years, including the global financial crisis and the COVID-19 pandemic – the compound annual growth rate of EBITDA has been 13% over this period. In June, the business successfully closed a transaction to acquire the US post-sale warranty provider, After Inc. The US warranty market presents a significant opportunity for D&G and the combination with After will help D&G’s US business accelerate its growth, complementing the Group’s subscription-based revenue model. Earlier this year, D&G moved into its new operations hub in Nottingham. The site has secured D&G’s position as a major part of the Midlands’ commercial landscape. It has also completed an internal programme to transform the UK real estate footprint to allow for modern, flexible and hybrid-working practices. The Nottingham hub can support around 850 employees. D&G has c. 3,000 employees worldwide and partners with over 9,000 manufacturer approved engineers.
Group financial highlights:
- 7% total revenue growth to £983m (FY22 restated: £920m)
- 8% subscription revenue growth to £871m (FY22 restated: £803m)
- 12% adjusted EBITDA (incl. US) growth to £124m (FY22 restated: £110m)
- Net debt of £707m (FY22: £688m) with leverage reduced by 0.5x
D&G’s policies protect individuals and families against the unexpected costs and inconvenience of appliance breakdowns. Present in 12 international markets including the UK, Germany and the US, D&G protects over 21 million appliances It repairs around 2.5 million appliances every year saving them from prematurely going to landfill. Matthew Crummack, CEO of D&G, said: “Over 20 uninterrupted years of organic growth for the Group is an impressive achievement. I believe this is testament to the quality and importance of the products and services offered to customers, as well as our focus on growing the quality of revenue through a proven subscription model
We are highly focused on improving further the quality of our customer service in all of our geographic markets, using digital systems and an approach consistent with our ambitious sustainability goals. In the US, we are delighted to have successfully closed the acquisition of After Inc. last month, which will enable us to accelerate growth in a huge but fragmented market. The USA has five times the number of households that the UK has, and the volume of major domestic appliances sold there every year is six times the number in the UK I’d like to thank our talented and hard-working employees for their commitment and innovative contributions over the last financial year.”