07/03/2012
Dignity plc Preliminary results for the 52 week period ended 30 December 2011
Dignity plc (the 'Group'), the UK‟s only listed provider of funeral related services, announces its preliminary results for the 52 week period ended 30 December 2011.
| Financial highlights | 52 week Period ended 30 December 2011 | 53 week Period ended 31 December 2010 | Increase/ (decrease) per cent |
|---|---|---|---|
| Revenue (£million) | 210.1 | 199.1 | 5.5 |
| Underlying operating profit(a) (£million) | 64.5 | 61.0 | 5.7 |
| Underlying profit before tax(a)(£million) | 41.6 | 40.4 | 3.0 |
| Underlying earnings per share(a) (pence) | 55.1 | 46.4 | 18.8 |
| Cash generated from operations(b) (£million) | 74.2 | 74.5 | (0.4) |
| Operating profit (£million) | 63.2 | 60.4 | 4.6 |
| Profit before tax (£million) | 40.3 | 39.8 | 1.3 |
| Basic earnings per share (pence) | 62.6 | 46.9 | 33.5 |
| Interim dividend(c) (pence) | 4.87 | - | n/a |
| Final dividend(d) (pence) | 9.77 | 8.88 | 10.0 |
(a) Underlying profit and underlying earnings are calculated as profit excluding profit on sale of fixed assets, external transaction costs and exceptional items.
(b) Cash generated from operations excludes external 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.
(d) The final dividend in 2011 is the proposed dividend expected to be approved at the annual general meeting on 14 June 2012. The 2010 final dividend is the dividend approved and paid in 2011.
Highlights
- Strong operating performance by the Group, particularly given the prior year was a 53 week trading period;
- Profits continue to be converted to cash;
- Funeral operations continue to deliver high levels of customer satisfaction. Having received the final invoice, 99 per cent of families say we met or exceeded their expectations and 98 per cent say they would recommend us;
- £12 million invested to acquire 10 funeral locations. A further four locations have been acquired since the period end;
- 25 satellite locations opened within the funeral business and the project as a whole, which commenced in 2010, broke even in the year;
- Two crematoria have been built and opened in the year;
- Two further crematoria are due to become operational in 2012; and
- The strongest year ever of pre-arranged funeral plan sales, with unfulfilled pre-arranged funeral plans increasing to 265,000.
Mike McCollum, Chief Executive of Dignity plc commented
"We have made good progress in each of our businesses. Customer service remains excellent. We have developed and acquired new funeral and crematoria locations, pre-arranged sales continued to grow strongly and the core business has performed well. This, combined with the full effect of the 2010 Return of Value has resulted in a 19 per cent increase in EPS.
Whilst 2012 has started more quietly than 2011, the Board remains confident in the Group's prospects and its expectations for 2012 remain positive and unchanged."
For more information
Mike McCollum, Chief Executive
Steve Whittern, Finance Director
Dignity plc +44(0) 20 7466 5000
Richard Oldworth
Suzanne Brocks
Christian Goodbody
Buchanan Communications +44 (0) 20 7466 5000