29/06/2012
Interim results for the 26 week period ended 29 June 2012
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 29 June 2012.
| Financial highlights | 26 week period ended 29 June 2012 | 26 week period ended 1 July 2011 | Increase per cent |
|---|---|---|---|
| Revenue (£million) | 116.5 | 107.7 | 8.2 |
| Underlying operating profit(a) (£million) | 39.2 | 36.3 | 8.0 |
| Underlying profit before tax(a)(£million) | 27.5 | 24.7 | 11.3 |
| Underlying earnings per share(a) (pence) | 37.4 | 32.7 | 14.4 |
| Cash generated from operations(b) (£million) | 40.8 | 36.9 | 10.6 |
| Operating profit (£million) | 38.9 | 36.1 | 7.8 |
| Profit before tax (£million) | 27.2 | 24.5 | 11.0 |
| Basic earnings per share (pence) | 38.7 | 33.8 | 14.5 |
| Interim dividend(c) (pence) | 5.36 | 4.87 | 10.0 |
(a) Underlying profit is calculated as profit excluding profit on sale of fixed assets and external transaction costs.
(b) Underlying earnings per share is calculated as profit on ordinary activities after taxation, before profit on sale of fixed assets, external transaction costs (both net of tax) and exceptional items, divided by the weighted average number of Ordinary Shares in issue in the period.
(c) Cash generated from operations excludes external transaction costs.
Client satisfaction remains high and the core operations continue to perform strongly.
Acquisition activity has continued in the second quarter with the Group acquiring a total of eight funeral locations and opening nine satellite locations in 2012. This includes the acquisition of one funeral location and the opening of two satellite locations since the release of the Group's IMS on 14 May 2012.
The Group also began operating one crematorium and three cemeteries on behalf of Haringey Council and will be opening its crematorium in Essex in the third quarter of 2012.
Unfulfilled pre-arranged funeral plans have increased since December 2011 by approximately 10,000 to 275,000, with plan sales significantly ahead of the prior period. 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: over 99 per cent of clients say that we met or exceeded their expectations; the core business has performed well; 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 2012 Interim Report will shortly be available on the Group's Investor website
www.dignityfuneralsplc.co.uk.
For more information:
Dignity plc
Mike McCollum, Chief Executive
Steve Whittern, Finance Director
+44(0) 121 354 1557
Buchanan
Richard Oldworth
Louise Hadcocks
+44 (0) 20 7466 5000