Dignity PLC Q3 management statement (5242W)
November 10 2014 - 2:00AM
UK Regulatory
TIDMDTY
RNS Number : 5242W
Dignity PLC
10 November 2014
For immediate release 10 November 2014
Dignity plc
Q3 management statement
Dignity plc (Dignity or the Group), the UK's only listed
provider of funeral related services, announces its Q3 management
statement for 2014.
39 week 39 week Increase
period period per cent
ended ended
26 September 27 September
2014 2013
Revenue (GBPmillion) 196.4 190.6 3.0
Underlying operating profit(1) (GBPmillion) 64.0 60.2 6.3
(1) Underlying operating profit is calculated as profit
excluding profit (or loss) on sale of fixed assets, external
transaction costs and exceptional items.
The number of deaths in the third quarter of 2014 was
approximately 129,000 compared to circa 122,000 in the comparative
period. Consequently, whilst deaths at the end of June were 7.0 per
cent lower than the previous year, deaths after 39 weeks were
approximately 3.5 per cent lower than the same period in 2013. The
Board's working assumption of the total number of deaths in 2014
continues to be between 535,000 and 550,000, with the number of
deaths after 39 weeks consistent with this assumption, and
accordingly the Board's expectations for the year remain
unchanged.
Revenue growth as a result of the number of funerals performed
together with robust average incomes have been supported by good
cost control. Operating profits therefore increased 6.3 per cent to
GBP64.0 million.
Since the Group's last results announcement on 30 July 2014, 11
additional funeral locations have been acquired (for an investment
of GBP12.1 million). In the year to date, this brings the total
number of funeral locations acquired to 19 (for a total investment
of GBP17.3 million) and new satellite locations opened to two.
Following the end of the period and as previously announced, the
Group successfully reset its securitised debt structure, reducing
total annual debt service obligations (interest and principal) from
circa GBP40 million per annum to approximately GBP33 million per
annum. Shareholders have approved proposals to return GBP64.4
million (GBP1.20 per share) to shareholders and consolidate the
shares on an 11 for 12 basis. The new shares started trading on 3
November 2014 and shareholders are due to receive funds in the
course of the next week.
Trading since the quarter end continues to be in line with
management's expectations.
There were no other significant transactions in the period to 9
November 2014.
Mike McCollum, Chief Executive of Dignity commented:
"The Group's operating performance in the third quarter has been
strong, with the Group now showing good operating profit growth
year on year. Outstanding customer service and strong operational
efficiency continue to underpin our activities. Our financial
expectations for the full year remain positive and unchanged."
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 the Secured Notes issued in October 2014
in connection with the securitisation.
Copies of these reports are available at
http://www.dignityfuneralsplc.co.uk.
For further information please contact:
Mike McCollum, Chief Executive
Steve Whittern, Finance Director
Dignity plc +44 (0) 121 354 1557
Richard Oldworth
Sophie McNulty
Clare Akhurst
Buchanan +44 (0) 207 466 5000
www.buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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