Dignity PLC First quarter trading update (5724X)
09 May 2016 - 4:00PM
UK Regulatory
TIDMDTY
RNS Number : 5724X
Dignity PLC
09 May 2016
For immediate release 9 May 2016
Dignity plc
First quarter trading update
Dignity plc (Dignity or the Group), the UK's only listed
provider of funeral related services, announces its trading update
for the first quarter of 2016.
13 week 13 week period 13 week period 2016 versus 2016 versus
period ended ended 27 ended 28 2015 decrease 2014 increase
25 March March 2015 March 2014 (per cent) (per cent)
2016
Revenue (GBPmillion) 81.2 85.5 69.1 (5) 18
Underlying operating
profit(1) (GBPmillion) 31.1 35.8 25.8 (13) 21
Number of deaths 156,000 175,000 147,000 (11) 6
(1) Underlying operating profit is calculated as profit
excluding profit (or loss) on sale of fixed assets, external
transaction costs and exceptional items.
(2) Amounts for 2014 are included in this announcement to
provide a more meaningful comparative for 2016 performance
following the unusually high number of deaths in 2015.
The first quarter results are consistent with the Board's full
year expectations, which remain unchanged.
The number of deaths in 2015 was abnormally high compared to
long term trends, helping the Group deliver an exceptional result
in 2015. The Group continues to expect this unprecedented increase
in deaths to reverse in 2016. Its current assumption remains that
the number of deaths in 2016 will be broadly comparable to
2014.
Average incomes continue to be robust and overheads well
controlled. The Group has acquired one funeral location since the
start of the year. There were no other significant transactions in
the period to 8 May 2016.
Although operating performance in the quarter was lower year on
year, it was approximately 21 per cent higher than the same period
in 2014. The Group's expectations for the year remain unchanged and
consistent with its target of increasing earnings per share by ten
per cent per year over the medium-term.
Mike McCollum, Chief Executive of Dignity commented:
"I am pleased with the Group's performance in the first quarter,
which was consistent with our expectations and supported by surveys
that continue to demonstrate the outstanding work being done by our
staff. The Group's expectations for the full year remain
unchanged."
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 the Secured Notes issued in October 2014
in connection with 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 +44 (0) 121 354 1557
Buchanan
Richard Oldworth
Sophie McNulty
Catriona Flint
www.buchanan.uk.com +44 (0) 207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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