Dignity

Dignity FY results (HOLD) – The UK’s only listed funeral services company released its full-year results today (11th March 2010). The group provides funeral services, crematoria and pre-arranged funeral plans. Dignity has performed well over 2009, revenues were up by +5% to £184.7m, underlying operating profits increased by +8% to £56.4m and underlying profit before tax increased by +6% to £36.4m. A focus on cost efficiency and cash generation drove operating cashflows up by +5% to £65.3m. Looking ahead, although economic conditions are likely to remain challenging, Dignity is continuing its expansion plans, with the acquisition of two further funeral locations and two further crematoria. In summary, we think these results are solid and in line with market expectations and show that Dignity is far from ‘dead and buried’, with management remaining positive about the outlook for 2010

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