InvoCare Limited, Australia’s largest private funeral, cemetery and crematorium operator announced today its results for the half year ended 30 June 2009.
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 9.6% to $123.5 million.
Reported Profit after Tax increased 16.9% to $14.4 million. Operating profit after tax (that is, excluding the impacts of net after tax gains and losses on sale or impairment of non-current assets, fair value movements in derivative financial instruments and prior period tax adjustments) increased by 10.8% to $13.6 million.
As a result of the solid performance, the Directors declared an interim, fully franked, ordinary dividend of 11.5 cents per share, payable on 9 October 2009, with a record date of 18 September 2009 and an ex dividend date of 14 September 2009.
InvoCare has left activated its Dividend Reinvestment Plan (DRP) for this interim dividend and extended it to New Zealand resident shareholders. 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 Casket Company and Embalming Service Pte Limited, a small funeral operator in Singapore, strengthening the company’s position in the Singapore market. Also, during the half year, 4 new Australian funeral home locations were opened.
Andrew Smith, InvoCare’s Chief Executive Officer said:
“Underpinning our solid operating results is again the commitment and dedication of our employees who deliver outstanding service. We are very pleased with this result and the continuing positive consumer feedback from our client families in Australia and Singapore. Our businesses gained market share during the half, including through new funeral locations and acquisitions. Better trading conditions from April 2009 also helped improve sales of cemeteries and crematoria memorials which had moderated in the first four months of the half with the prevailing economic conditions.”
For immediate Release
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