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Dignity sees earnings growth in first quarter but loses market share

Mon, 10th May 2021 09:32

(Alliance News) - Dignity PLC on Monday said earnings jumped in the first quarter of its current financial year amid growing demand for Simplicity cremations.

The funeral services provider said underlying revenue for the 13 weeks to March 26 grew by 14% to GBP94.7 million, while underlying operating profit rose by 35% year-on-year to GBP26.1 million.

The absolute number of deaths in the UK increased by 27% to 204,000, Dignity noted, as a result of Covid-19. However, since the end of the quarter, the company noted that the UK has witnessed deaths falling below the five-year average.

The company said it performed 23,800 funerals in the first 13 weeks of the year, up from 20,000 a year before. Market share shrank from a year before, however, due to a decline in full-service and pre-arranged funeral plans, partially offset by continued growth in Simplicity cremations. Dignity said it conducted 22,600 cremations, up from 18,600 a year prior, representing a market share of 11.1% down from 11.5% year-on-year.

"As the limits on mourner numbers begin to ease, we expect to see a change in the services we are able to offer bereaved people and look forward to helping those who have lost someone say goodbye in a personal and meaningful way," said Executive Chair Gary Channon.

Dignity shares were trading 0.1% lower on Monday morning in London at 728.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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