Operating profit up 10.9% at Dignity

13th May 2011 07:03

Full year expectations remain unchanged at Dignity, the UK's only listed funeral care provider, after the group saw underlying operating profit increase by more than 10% in the first quarter.In the 13 weeks to 1 April, underlying operating profit, which excludes profit on sale of fixed assets and transaction costs, rose to £22.6m from £20.4m in the first quarter of last year.Over the same period, revenue was £59.1m, up 9.6% on the £53.9m achieved in the the corresponding period of 2010.The group said trading since the end of the reporting period has been in line with management's expectations.The group has acquired three existing funeral locations and has opened eight new satellite locations since the start of the year. As expected, the crematorium in Somerset became operational in late March and the crematorium in Worcestershire is anticipated to become operational by the end of the third quarter of 2011. Pre-arranged funeral plan sales continue to be strong."The group has seen a strong start to the year in each of its three businesses. Our outlook remains positive and our full year expectations are unchanged," said chief executive Mike McCollum. ---jh