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12 May 2014 07:00
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For immediate release 12 May 2014
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Dignity plc
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First quarter management statement
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Dignity plc (Dignity or the Group), the UK's only listed provider of funeral related services, announces its management statement for the first quarter of 2014.
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13 week period ended 28 March 2014 | 13 week period ended 29 March 2013 | Increase per cent | Β | |
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Revenue (Β£million) | 69.1 | 67.8 | 1.9 | Β |
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Underlying operating profit1 (Β£million) | 25.8 | 25.4 | 1.6 | Β |
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1 Underlying operating profit is calculated as profit excluding profit (or loss) on sale of fixed assets, external transaction costs and exceptional items.
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As anticipated, the year has started quietly compared with the strong first quarter performance in 2013. Deaths in the first quarter were 7.5 per cent lower than in the same period in 2013, when reported deaths rose by 6.7 per cent. However, data from previous years indicates that large variances in the number of deaths compared to the prior year at the end of the first quarter tend to normalise to within 3 per cent by the end of the year.
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The Group's current assumption is that there will be 550,000 deaths in 2014, approximately 2 per cent below the prior year and broadly in line with 2012. On this basis and given that average incomes are robust and overheads well controlled, the Group's overall expectations for the year are unchanged.
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The Group has acquired eight funeral locations and has opened two satellite locations since the start of the year.
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There were no other significant transactions in the period to 11 May 2014.
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Mike McCollum, Chief Executive of Dignity commented:
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"As anticipated, the year has started slowly compared to a strong first quarter last year. However, with the exception of the low volumes in the first quarter, the Group's businesses are performing well and in line with management's expectations."
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In accordance with the terms of the securitisation carried out in April 2003, 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 notes issued in connection with the securitisation confirming compliance with the covenants established under the securitisation.
Copies of these reports are available at http://www.dignityfuneralsplc.co.uk.
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For further information please contact:
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Mike McCollum, Chief Executive
Steve Whittern, Finance Director
Dignity plc +44 (0) 121 354 1557
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Richard Oldworth
Sophie McNulty
Clare Akhurst
Buchanan +44 (0) 207 466 5000
www.buchanan.uk.com
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