Franchise group Myhome International has doubled annual pre-tax profits to £1.5 million and says ‘quality of earnings’ is now the focus.

The Esher-based home services and motor franchising company, which has gone for acquisitions since its AIM float at the end of 2006, increased turnover 90 per cent to £5.1 million in the year to September. Headed by entrepreneurial Russell O’Connell, Myhome raised more than £7.5 million during the financial year and followed that in October with a £6.7 million share placing at 72p and an £8 million banking facility to help fund the £20 million cash-and-shares acquisition of car cleaning and repair specialist ChipsAway.

Now with 750 franchisees in 14 countries, the company increased cash and near-cash from £808,500 to £2.9 million during the year, though it had a £2.5 million net cash outflow from operating activities and year-end trade payables rose from £375,000 to £4.6 million. O’Connell says Myhome, of which serial investor Nigel Wray is a backer, has completed its acquisition programme and is re-branding its core activities and exploiting ‘cross-selling opportunities’.

Former star performers, Myhome shares hit 106p in June last year, but have fallen back heavily since then. They now stand at 34p, down 2.5p this morning, valuing the company at £22.2 million.

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