Financial highlights
|
52 week |
52 week |
||
|
Period ended |
Period ended |
||
|
25 December |
26 December |
Increase |
|
|
2015 |
2014 |
per cent |
|
|
Revenue (£million) |
305.3 |
268.9 |
14 |
|
Underlying operating profit(a) (£million) |
98.7 |
84.9 |
16 |
|
Underlying profit before tax(a) (£million) |
72.2 |
58.5 |
23 |
|
Underlying earnings per share(b) (pence) |
114.8 |
85.8 |
34 |
|
Cash generated from operations(c) (£million) |
125.2 |
104.4 |
20 |
|
Operating profit (£million) |
95.5 |
82.9 |
15 |
|
Profit/(loss) before tax(d) (£million) |
69.0 |
(67.7) |
n/a |
|
Basic earnings per share(d) (pence) |
115.2 |
(104.0) |
n/a |
|
Interim dividend paid in the period(e) (pence) |
7.14 |
6.49 |
10 |
|
Final dividend proposed in the period(f) (pence) |
14.31 |
13.01 |
10 |
|
Return of Cash (£million) |
- |
64.4 |
n/a |
|
Deaths |
588,000 |
550,000 |
7 |
(a) Underlying profit is calculated as profit (or loss) excluding profit (or loss) on sale of fixed assets, external transaction costs and exceptional items.
(b) Underlying earnings per share is calculated as profit (or loss) on ordinary activities after taxation, before profit (or loss) on sale of fixed assets and external transaction costs and exceptional items (all net of tax), divided by the weighted average number of Ordinary Shares in issue in the period.
(c) Cash generated from operations excludes external transaction costs and (in 2014) pension contributions made from the proceeds of debt issues.
(d) Non-cash charges resulting from the refinancing in 2014 led to a reported statutory loss in the comparative period.
(e) Interim dividend represents the interim dividend that was declared and paid in the period out of earnings generated in the same period.
(f) The final dividend in 2015 is the proposed dividend expected to be approved at the annual general meeting on 9 June 2016. The 2014 final dividend is the dividend declared and paid in 2015.
Key points
Deaths were seven per cent higher than the comparative period, a rate of change not seen for over 60 years;
Strong operating performance by all three operating divisions;
Client satisfaction remained at very high levels, with 99 per cent of families saying we met or exceeded their expectations and 98 per cent saying they would recommend us;
Profits continued to be converted to cash;
The 36 funeral locations acquired from Laurel Funerals in July 2015 have integrated well and have performed in line with the Board's expectations;
£50 million invested in funeral acquisitions (including Laurel), adding a further 48 funeral locations to the Group's portfolio;
Three satellite locations opened within the funeral business;
Planning permission granted for two new crematoria due for opening by early 2018;
Another good year of pre-arranged funeral plan sales, with active pre-arranged funeral plans increasing to 374,000 (2014: 348,000);
The Group expects the number of deaths in 2016 to revert to the level seen in 2014; and
Outlook is consistent with the Group view provided throughout 2015.
