13 May 2011 07:00
For immediate release 13 May 2011
Dignity plc
('Dignity' or 'the Group')
First interim management statement
for 2011
Dignity plc, the UK's only listed provider of funeral services, announces its first interim management statement for 2011.
13 week period ended | |||
1 April | 26 March |
Increase | |
2011 | 2010 | per cent | |
Revenue (£million) | 59.1 | 53.9 | 9.6 |
Underlying operating profit* (£million) | 22.6 | 20.4 | 10.8 |
*Underlying operating profit is calculated as operating profit excluding profit on sale of fixed assets and transaction costs.
Trading since 1 April 2011 continues to be in line with management's expectations and there were no significant transactions in the period to 12 May 2011.
The Group has acquired three existing funeral locations and has opened eight new satellite locations since the start of the year. As expected, the crematorium in Somerset became operational in late March and the crematorium in Worcestershire is anticipated to become operational by the end of the third quarter of 2011. Pre-arranged funeral plan sales continue to be strong.
Mike McCollum, Chief Executive of Dignity plc commented:
"The Group has seen a strong start to the year in each of its three businesses. 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:
Dignity plc 0121 354 1557
Mike McCollum, Chief Executive
Steve Whittern, Finance Director
Buchanan Communications 0207 466 5000
Richard Oldworth
Suzanne Brocks
Christian Goodbody