Full Year Results 2008

19-02-2009

InvoCare Limited, Australia’s largest private funeral, cemetery and crematorium operator announced today its results for the full year ended 31 December 2008.

An increase in the services performed, attributable largely to a higher number of deaths, together with the impact of acquisitions resulted in sales revenues growing 9.1% to $244.2 million.

Profit after Tax increased 1.7% to $28.0 million. Normalised profit after tax (that is, excluding the impact of net after tax gains and losses on sale or impairment of non-current assets) increased by 4.7% to $28.3 million. These results were also adversely impacted by $1.5 million non-operating after tax losses on derivative financial instruments, offset by $0.6 million income tax credits relating to prior periods.

As a result of the solid performance, the Directors declared a final, fully franked, ordinary dividend of 13.0 cents per share, payable on 9 April 2009, with a record date of 20 March 2009 and an ex dividend date of 16 March 2009. InvoCare has left activated its Dividend Reinvestment Plan (DRP) for this final dividend. It is not intended that this DRP be underwritten nor will shares be issued at a discount.

InvoCare has continued its expansion program and has announced the acquisition of Southern Cross Funerals, a small funeral operator in the Melbourne region, strengthening the company’s position in Victoria. Also during the year, InvoCare acquired Christian Funerals in Perth, Western Australia and opened 9 new funeral home locations.

Andrew Smith, InvoCare’s Chief Executive Officer said:
"The solid operating results again reflected the commitment and dedication of our employees who deliver outstanding service to our client families across Australia and Singapore. On a more sombre note, it is with great sadness that we acknowledge the terrible loss of life and disruption to all that is normal in the bushfire affected areas of Victoria. Several InvoCare employees and the communities where they live were directly impacted by the fires.

Organisationally, InvoCare’s Victorian team has been providing assistance to the Coroner’s Office and supporting a number of families with funeral arrangements. We have taken the appropriate compassionate action to discount our fees as an immediate form of financial assistance for these families. All our thoughts and hopes are with our affected Victorian colleagues, their neighbours and communities at this most difficult of times."

For Immediate Release

For details, contact Karl Wolfenden, Communications Manager on (02) 9978 5208 or 0400 327 864 or kwolfenden@invocare.com.au