London-based appliance care provider Domestic & General (D&G) has reported its financial results for the half-year ending September 30, 2024.
The privately-owned company, backed by funds affiliated with CVC and ADIA, recorded group revenues of £580 million, an 8% increase compared to the same period last year. Subscription-based revenues, which now represent 89% of the company's total income, grew by 11% to £516 million.
The group’s adjusted EBITDA increased by 10% to £87 million, up from £79 million in H1 FY24. Operationally, D&G noted a significant expansion in its subscription customer base, which now totals 6.6 million globally.
The company’s US operations experienced particularly strong growth, with subscription customers increasing by 90% year-over-year to over 190,000, up from approximately 100,000 at the end of FY24.
Matthew Crummack (pictured above), CEO of Domestic & General, highlighted the company's progress following its milestone achievement of surpassing £1 billion in annual group revenue in FY24.
“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,” he said.
Crummack attributed the growth to increased subscription revenue, particularly in Europe, and the investments made in data assets and technology platforms. He also emphasised the importance of partnerships, noting the extension of an agreement with John Lewis & Partners.
In the US, the company has seen rapid expansion through a combination of strategic mergers and acquisitions and organic growth.
“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,” Crummack said.
Looking ahead, Crummack expressed confidence in D&G’s growth trajectory, particularly in the US market. “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.”
D&G said that its emphasis on subscription-based revenue appears to be driving both profitability and operational stability, with its growing customer base positioning the company for continued growth across key markets.
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