Domestic & General delivers double digit subscription growth in H1 FY25
International appliance care specialist Domestic & General (D&G) has published its half year financial results for the period ended 30 September 2024 (H1 FY25).
The London headquartered company – which was founded over 100 years ago and is now privately owned by funds affiliated with CVC and ADIA – saw Group revenues of £580 million in the half year, an increase of 8% on the same period last year. This was supported by continuing growth of high quality, subscription-based revenues, up 11% on H1 2024 to now represent 89% of total revenues.
Group financial highlights:
- Revenue of £580m, +8% vs H1 FY24 (H1 FY24: £537m)
- 11% subscription revenue growth to £516m (H1 FY24: £466m)
- 10% adjusted EBITDA growth to £87m (H1 FY24: £79m)
Group operational highlights:
- 6.6 million subscription customers
- US subscription customer base grows +90% and reaches over 190k (FY24: c.100k)
Matthew Crummack, Chief Executive Officer, said:
“We reached a big milestone at the full year by surpassing £1 billion in Group revenue. That top line momentum has continued during the first half of FY25. Profitability is growing too, and we have seen double digit EBITDA growth over the period.
“Subscription revenue is increasing as a proportion of our total revenue and across our key markets, but particularly in Europe. That means the quality and visibility of our earnings is improving, which is testament to the ongoing importance of the products and service we offer customers, and the investments we are making into our data assets and technology platforms. We were also delighted to see an important contract extension with John Lewis & Partners.
“In the US our business is continuing to expand at pace, thanks to some strategic M&A and organic growth as customer appetite for our service grows. Our monthly US customer run rate tripled vs same time last year with conversion rates close to UK levels. We now have over 190,000 US subscription customers.
Looking ahead, I am excited about our prospects for further expansion in the US, and we can see our positive performance across the Group continuing into the second half.”