Dignity Funerals Interim Results 2012
First interim management statement for 2012 Dignity Funerals plc, the UK’s only listed provider of funeral services, announces its first interim management statement for 2012.
13 week period ended 30 March 2012 13 week period ended 1 April 2011 Increase per cent Revenue (£million) 61.1 59.1 3.4 Underlying operating profit* (£million) 23.4 22.6 3.5 *Underlying operating profit is calculated as operating profit excluding profit on sale of fixed assets and external transaction costs. As previously reported, the year started relatively quietly. However, the business has been noticeably busier in March compared to the previous year. Consequently, the operating performance of the funeral and crematoria divisions was slightly ahead of the same period in 2011.
Pre-arranged funeral plan sales continue to be robust and operating profit is ahead of the same quarter in 2011. Trading since 30 March 2012 is in line with management’s expectations. The Group has acquired seven funeral locations and has opened seven satellite locations since the start of the year. The Group began operating one crematorium and three cemeteries on behalf of Haringey Council in late April 2012 and remains on track to open its crematorium in Essex in the second quarter of 2012. There were no other significant transactions in the period to 13 May 2012. Mike McCollum, Chief Executive of Dignity plc commented: “This is a good performance by the Group with the first quarter being slightly ahead of our expectations. We continue to increase the number of funeral and crematoria locations we operate and pre-arranged funeral plan sales continue to be strong. Our outlook remains positive and our full year expectations are unchanged.” In accordance with the terms of the securitisation carried out in April 2003, Dignity (2002) Limited (the holding company of those companies subject to the securitisation) has today issued reports to the Rating Agencies (Fitch and Standard & Poor’s), the Security Trustee and the holders of notes issued in connection with the securitisation confirming compliance with the covenants established under the securitisation.