11/05/2009
First Interim Management Statement for 2009
| 13 week period ended 27 March 2009 | 13 week period ended 28 March 2008 | Increase % | |
|---|---|---|---|
| Revenue (£million) | 52.9 | 46.9 | 12.8 |
| Operating profit (excluding profit on sale of fixed assets) (£million) |
20.4 | 17.7 | 15.3 |
Operating profit includes £1.5 million (Q1 2008: £1.5 million) in respect of recoveries from the pre-arranged funeral plan trusts.
The Group's principal source of debt finance continues to be publicly traded bonds. The principal amortises over the life of the bonds and is scheduled to be repaid by 2031. The coupon is fixed throughout.
Trading since 27 March 2009 continues to be in line with management's expectations.
In April, the Group acquired the operating rights to five crematoria. These are the locations where the Group acquired the freehold or long leasehold interests during 2008. The Group now owns the sites outright and this increases the number of Dignity's crematoria locations to 30.
Mike McCollum, Chief Executive of Dignity plc commented:
'This is a very strong start to the year. All three businesses continue to perform well and we remain on track for the full year.'
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.
Copies of these reports are available at www.dignityfuneralsplc.co.uk/
Enquiries:
Dignity plc
Mike McCollum, Chief Executive
Steve Whittern, Finance Director
Tel: 0121 354 1557
Buchanan Communications
Richard Oldworth
Mark Edwards
Christian Goodbody
Tel: 0207 466 5000