5 Nov 2010 07:00
For Immediate Release | 5 November 2010 |
Dignity plc
('Dignity' or 'the Group')
Interim Management Statement
Quarter Three 2010
Dignity plc, the UK's only listed provider of funeral services, announces its third quarter interim management statement for 2010.
39 week period ended | |||
24 September | 25 September | Increase | |
2010 | 2009 | per cent | |
Revenue (£million) | 145.2 | 137.3 | 5.8 |
Underlying operating profit* (£million) | 45.0 | 43.0 | 4.7 |
*Underlying operating profit is calculated as profit excluding sale of fixed assets and any acquisition fees expensed in accordance with IFRS 3.
Trading since 24 September 2010 continues to be in line with management's expectations. Since the period end and as previously announced, the Group has completed the issue of further Secured Notes, has returned £1 per share to shareholders and subsequently completed a six for seven share consolidation. There were no other significant transactions in the period to 5 November 2010.
The Group has acquired two funeral locations and completed the construction of Fenland crematorium in Cambridgeshire in the quarter. Building work continues on the new crematoria at Shepton Mallet and Kidderminster. Since the quarter end the Group has acquired an established crematorium at Telford and started to operate Weston-super-Mare crematorium on behalf of the local authority. Consequently, the Group has now acquired a total of six funeral locations and has started operating three additional crematoria since the start of the year.
Mike McCollum, Chief Executive of Dignity plc commented:
"The Group's businesses continue to perform in line with our expectations and are well placed for the remainder of the year. Our expectations for the full year remain 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:
Dignity plc Mike McCollum, Chief Executive Steve Whittern, Finance Director
| 0121 354 1557 |
Buchanan Communications Richard Oldworth Suzanne Brocks Christian Goodbody | 020 7466 5000 |