30/07/2010
Interim results for the 26 week period ended 25 June 2010
Dignity plc, the UK's only listed provider of funeral services, announces its unaudited interim results for the 26 week period ended 25 June 2010.
| 26 week period ended | |||
|---|---|---|---|
| Financial highlights | 25 June 2010 | 2009 | Increase per cent |
| Revenue (£million) | 100.9 | 95.6 | 5.5 |
| Underlying operating profit(a) (£million) | 33.8 | 32.6 | 3.7 |
| Underlying profit before tax(a)(£million) | 24.0 | 22.7 | 5.7 |
| Underlying earnings per share(b) (pence) | 26.6 | 25.3 | 5.1 |
| Cash generated from operations (£million) | 41.8 | 39.6 | 5.6 |
| Operating profit (£million) | 34.1 | 32.7 | 4.3 |
| Profit before tax (£million) | 24.3 | 22.8 | 6.6 |
| Basic earnings per share (pence) | 27.0 | 25.5 | 5.9 |
| Interim dividend (pence) | 4.43 | 4.03 | 10 |
(a)Underlying profit is calculated as profit excluding profit on sale of fixed assets and any acquisition fees expensed in accordance with IFRS 3.
(b)Underlying earnings per share is calculated as profit on ordinary activities after taxation before profit on sale of fixed assets and any acquisition fees expensed in accordance with IFRS 3 (net of tax), divided by the weighted average number of Ordinary Shares in issue in the period
The Board believes that the Group’s continued stable operating performance and currently attractive bond yields may present an opportunity to issue further Secured Notes.
Consequently, the Group is investigating the potential to issue further Secured Notes. Further announcements will be made when appropriate via RNS and the Group’s investor website www.dignityfuneralsplc.co.uk.
However, given general market conditions the Board anticipates releveraging the Group to a lower level than that seen historically.
In the event that a further issue of Secured Notes is completed, the Board anticipates the majority of the proceeds will be returned to shareholders.
Mike McCollum, Chief Executive of Dignity plc commented:
"This is a good performance by the Group. The operating performance in the first half of 2010 is more consistent with the average of the last five years than last year. As expected, the operating performance in all three businesses in the second quarter of 2010 was very strong compared to the prior year.
Our expectations for the full year continue to be positive and remain unchanged.”
The 2010 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