Dignity PLC First quarter trading update (6981M)
May 11 2015 - 2:00AM
UK Regulatory
TIDMDTY
RNS Number : 6981M
Dignity PLC
11 May 2015
For immediate release 11 May 2015
Dignity plc
First 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 first quarter of 2015.
13 week 13 week Increase
period period per
ended ended cent
27 March 28 March
2015 2014
Revenue (GBPmillion) 85.5 69.1 23.7
Underlying operating profit(1)
(GBPmillion) 35.8 25.8 38.8
Number of deaths 175,000 147,000 19.0
(1) Underlying operating profit is calculated as profit
excluding profit (or loss) on sale of fixed assets, external
transaction costs and exceptional items.
As expected at the time of the Group's 2014 preliminary results
published in March, the number of deaths in the first quarter has
been very high, approximately 19 per cent above 2014, which in turn
was approximately 7 per cent below the previous year. However, data
from previous years indicates that large variances in the number of
deaths at the end of the first quarter tend to normalise by the end
of the year.
The Group's current assumption is that the number of deaths in
2015 will be broadly flat on the previous year. Average incomes
continue to be robust and overheads well controlled, with the Group
yet to decide on the timing of any changes to its pricing. Taking
all of these factors into account, the Group's overall expectations
for the year are positive and unchanged.
The Group has acquired 10 funeral locations since the start of
the year, for an investment of approximately GBP8 million.
There were no other significant transactions in the period to 10
May 2015.
Mike McCollum, Chief Executive of Dignity commented:
"The year has started very strongly compared to a weak first
quarter last year. Our client surveys confirm that even though the
business is very busy, service levels remain extremely high thanks
to the continued dedication of our employees. The Group's
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:
Dignity plc +44 (0) 121 354 1557
Mike McCollum, Chief Executive
Steve Whittern, Finance Director
Buchanan +44 (0) 207 466 5000
Richard Oldworth
Sophie McNulty
Robbie Ceiriog-Hughes
www.buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
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