Dignity PLC Third quarter trading update (9287E)
November 09 2015 - 2:00AM
UK Regulatory
TIDMDTY
RNS Number : 9287E
Dignity PLC
09 November 2015
For immediate release 9 November 2015
Dignity plc
Third quarter trading update
Dignity plc (Dignity or the Group), the UK's only listed
provider of funeral related services, announces its trading update
for the third quarter of 2015.
39 week 39 week Increase
period period per
ended ended cent
25 September 26 September
2015 2014
-------------------------------- ------------- ------------- ---------
Revenue (GBPmillion) 227.0 196.4 15.6
Underlying operating profit(1)
(GBPmillion) 78.1 64.0 22.0
Number of deaths 446,000 409,000 9.0
-------------------------------- ------------- ------------- ---------
(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 the year was flat
at 129,000 (2014: 129,000), compared to the 13 per cent increase in
deaths in the first six months of the year. As a result, the year
to date position is approximately nine per cent higher than the
comparable period last year.
Average incomes remain robust and in the year to date total
revenues are almost 16 per cent higher than last year. Costs
continue to be in line with the Board's expectations, allowing for
the higher volumes. Underlying operating profits increased 22 per
cent to GBP78.1 million (2014: GBP64.0 million) in the year to
date.
The Laurel acquisition, completed in July 2015, is performing as
expected, with integration of the business well underway. Further
details of operational performance will be provided in the Group's
2015 annual report.
In addition to the Laurel acquisition, the Group has acquired a
total of 12 funeral locations for consideration of GBP10.9 million,
bringing its total investment in the year to GBP49.2 million.
The Group is also pleased to confirm that its planning
application for a crematorium in Derby has been successful. This
location should start operating in 2017.
Given the continued high number of deaths relative to 2014, the
Group expects to outperform current market expectations in the full
year 2015. However, there remains a strong possibility that the
number of deaths in 2016 may in turn be significantly lower and
therefore the Group's expectations for 2016 and beyond remain
unchanged.
There were no other significant transactions in the period to 8
November 2015.
Mike McCollum, Chief Executive of Dignity, commented:
"2015 continues to be a year of very strong operational
performance for the Group. We remain focused on the fundamentals of
our business: we have maintained very high levels of customer
service, costs are well controlled and corporate development
opportunities continue to be pursued."
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
Robbie Ceiriog-Hughes
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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