27/07/2011
Interim results for the 26 week period ended 1 July 2011
Dignity plc (the 'Group'), the UK's only listed provider of funeral related services, announces its unaudited interim results for the 26 week period ended 1 July 2011.
| 26 week period ended 01 July 2011 | |||
|---|---|---|---|
| Financial highlights | 2011 | 2010 | Increase/ (decrease) per cent |
| Revenue (£million) | 107.7 | 100.9 | 6.7 |
| Underlying operating profit(a) (£million) | 36.3 | 33.8 | 7.4 |
| Underlying profit before tax(a)(£million) | 24.7 | 24.0 | 2.9 |
| Underlying earnings per share(a) (pence) | 32.7 | 26.6 | 22.9 |
| Cash generated from operations(b) (£million) | 36.9 | 41.8 | (11.7) |
| Operating profit (£million) | 36.1 | 34.1 | 5.9 |
| Profit before tax (£million) | 24.5 | 24.3 | 0.8 |
| Basic earnings per share (pence) | 33.8 | 27.0 | 25.2 |
| Interim dividend(c) (pence) | 4.87 | - | n/a |
(a)Underlying profit and underlying earnings are calculated as profit excluding profit on sale of fixed assets, transaction costs and exceptional items.
(b)Cash generated from operations excludes transaction costs.
(c)An interim dividend was not paid separately in 2010, but was instead included within the £1 Return of Value per Ordinary Share paid in October 2010.
Acquisition activity has continued in the second quarter with the Group acquiring a total of seven funeral locations and opening 11 satellite locations in the first half of the year.
The Group's newly constructed crematorium in Somerset opened in the first quarter of this year and the new crematorium in Worcestershire is due to open in the fourth quarter of 2011. The Group has now also committed to build a new crematorium in Essex, which is due to become operational in the second quarter of 2012.
Unfulfilled pre-arranged funeral plans have increased since December 2010 by approximately 10,000 to 248,000. These plans continue to represent future potential incremental business for the funeral division.
Mike McCollum, Chief Executive of Dignity plc commented:
"This is a strong first half performance. We have expanded our portfolio of funeral locations and crematoria and the book of pre-arranged funeral plans continues to grow.
The Group remains on track to achieve the Board‟s expectations for the full year."
The 2011 Interim Report is available on the Group’s investor website www.dignityfuneralsplc.co.uk.
For further information:
Dignity plc
Mike McCollum, Chief Executive
Steve Whittern, Finance Director
+44 (0) 20 7466 5000
Buchanan Communications
Richard Oldworth
Suzanne Brocks
Christian Goodbody
+44 (0) 20 7466 5000