(MT Newswires) -- Frondoor CEO Bill Cobb notes that rates may remain high for longer than the market had initially expected, impacting Frondoor's sales. Last year, the company sold around 20% fewer property guarantees due to the slowdown in the property market.
 
Despite these challenges, Frondoor managed to renew 76% of its contracts, a record for the company. The direct-to-consumer business, which suffered a major blow last year, will be relaunched in April with an overhaul of the American Home Shield brand, including a new website, logo and celebrity advertising campaign.
 
In a challenging property market, Frondoor aims to slightly outperform thanks to its property team. Financially, the company saw revenue growth of 7% and a 62% increase in adjusted EBITDA last year. Price increases were necessary to offset increased labour and supply chain costs, which benefited the company's margins.

Bloomberg videos