9 Nov 2009 07:00
For immediate release 9 November 2009
Dignity plc
('Dignity' or 'the Group')
Interim Management Statement
Quarter Three 2009
Dignity plc, the UK's only listed provider of funeral services, announces its quarter three interim management statement for 2009.
| 39 week period ended | |||
| 25 September | 26 September | Increase | |
| 2009 | 2008 | per cent | |
| Revenue (£million) | 137.3 | 130.7 | 5.0 |
| Operating profit (excluding profit on sale of fixed assets) (£million) | 43.0 | 40.1 | 7.2 |
During the third quarter, the Group has acquired six funeral locations.
The Group's principal source of debt finance continues to be publicly traded bonds. The principal amortises over the life of the bonds and is scheduled to be repaid by 2031. The coupon is fixed throughout.
Trading since 25 September 2009 continues to be in line with management's expectations and there were no other significant transactions in the period to 8 November 2009.
Mike McCollum, Chief Executive of Dignity plc commented:
"The Group's businesses continue to perform in line with our expectations, with operating profits increasing by 7.2 per cent.
We have acquired a total of seven funeral locations and five crematoria since the start of the year.
Our expectations for the full year continue to be positive and 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 0121 354 1557
Mike McCollum, Chief Executive
Steve Whittern, Finance Director
Buchanan Communications 0207 466 5000
Richard Oldworth
Suzanne Brocks
Christian Goodbody