“Although as expected, the deaths in 2016 have been lower than the exceptional level seen in 2015, they have been higher than the Group anticipated based on longer term trends. At the same time, the Group's funeral market share, having been stronger in 2015, is lower than the Group expected. Taking these factors into account the Group expects underlying operating profits to be slightly ahead of current market expectations for 2016. Its… Read More
As well as the numbers I look forward to the commentary.
Dignity commentary on their outlook for 2016 has been consistent in all updates since March. “Compared to long term trends, the number of deaths in 2015 was abnormally high, helping the Group deliver an exceptional result in 2015. The Group continues to expect this unprecedented increase in deaths to reverse in 2016. Its current assumption remains that the number of deaths in 2016 will be broadly comparable to… Read More
As one of my core holdings I monitor Dignity on a regular basis tweaking my spreadsheets on any updates. But I find that the business model and market are so stable and predictable that few tweaks are required. Management has proven to be able to run a tight business absorbing a modest amount of new acquisitions each year while maintaining margin in a softening (but now improving) market � almost the perfect roll-up model. That said, management is well paid with central overheads being… Read More
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