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14 Nov 2011 07:00
For immediate release | 14 November 2011 |
Dignity plc
('Dignity' or 'the Group')
Interim Management Statement
Quarter Three 2011
Dignity plc, the UK's only listed provider of funeral services, announces its third quarter interim management statement for 2011.
39 week period ended | |||
30September | 24September |
Increase | |
2011 | 2010 | per cent | |
Revenue (£million) | 155.8 | 145.2 | 7.3 |
Underlying operating profit* (£million) | 48.4 | 45.0 | 7.6 |
*Underlying operating profit is calculated as operating profit excluding profit on sale of fixed assets and transaction costs.
Trading since 30 September 2011 continues to be in line with management's expectations.
Since the Group's last results announcement on 27 July 2011, three funeral locations have been acquired and seven new satellite locations have been opened. This brings the total number of funeral locations acquired to 10 and new satellite locations opened to 18 since the start of the year.
The Group remains on track to open its crematorium in Worcestershire in the fourth quarter of 2011 and its crematorium in Essex in the second quarter of 2012. The Group has also been announced as the preferred bidder to operate one crematorium and three cemeteries on behalf of Haringey Council. This is expected to be effective during the first quarter of 2012.
Pre-arranged funeral plan sales continue to be strong.
There were no significant transactions in the period to 13 November 2011.
Mike McCollum, Chief Executive of Dignity plc commented:
"This is a good performance by the Group. I am pleased that we continue to increase the number of funeral and crematoria locations we operate and that pre-arranged funeral plan sales continue to be strong.
Our outlook remains positive and our full year expectations are unchanged."
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
For further information please contact:
Mike McCollum, Chief Executive Steve Whittern, Finance Director Dignity plc |
+44 (0) 121 354 1557 |
Richard Oldworth Suzanne Brocks Christian Goodbody Buchanan |
+44 (0) 207 466 5000 |
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