10 Nov 2008 07:00
| 10 November 2008 | Immediate Release |
Dignity plc
('Dignity' or 'the Group')
Quarter three interim management statement
for 2008
Dignity plc, the UK's only listed provider of funeral services, announces its quarter three interim management statement for 2008.
| 39 week period ended | |||
| 26 September | 28 September | Increase | |
| 2008 | 2007 | per cent | |
| Revenue (£million) | 130.7 | 119.2 | 9.6 |
| Operating profit (excluding profit on sale of fixed assets) (£million) | 40.1 | 36.3 | 10.5 |
During the third quarter, the Group has taken over the operation of Rotherham Metropolitan Borough Council's crematorium and cemeteries. Subsequent to the period end the Group acquired one privately owned crematorium in Scotland. The Group has been announced as preferred partner to operate Weymouth and Portland Borough Council's cemetery and crematorium services.
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 26 September 2008 continues to be in line with expectations and there were no other significant transactions in the period to 9 November 2008.
Peter Hindley, Chief Executive of Dignity plc commented:
"The Group continues to perform well and remains in line with expectations for the full year".
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
Peter Hindley, Chief Executive
Mike McCollum, Finance Director
Buchanan Communications 0207 466 5000
Mark Edwards
Christian Goodbody