Highlights
Strong operating performance by all three operating divisions;
Profits continue to be converted to cash;
Funeral operations continue to deliver very high levels of customer satisfaction. Having received the final invoice, 99 per cent of families say we met or exceeded their expectations and 98 per cent say they would recommend us;
£10.6 million invested to acquire 18 funeral locations during the period;
19 satellite locations opened within the funeral business and the project as a whole, which commenced in 2010, broke even in the year in line with the project plan;
Two crematoria became operational in 2012; and
Another strong year of pre-arranged funeral plan sales, with unfulfilled pre-arranged funeral plans increasing to 290,000.
Acquisition of Yew Holdings Limited
On 25 January 2013, the Group completed the acquisition of Yew Holdings Limited for cash consideration of £58.3 million. Funding for the acquisition, associated external transaction costs and anticipated one off capital expenditure of £2.5 million was through a combination of a £24.2 million equity placing and £39.8 million of additional debt facilities.
Mike McCollum, Chief Executive of Dignity plc commented:
"I am pleased with the performance of the Group. Client satisfaction remains exceptionally high, underlying operating profits increased eight per cent and underlying earnings per share increased 14 per cent. Each operating division has made good progress in the year and is well placed for the future.
