Australia’s largest funeral homes operator InvoCare
(ASX:IVC) will close down its funerals business in the United States.
After competing in the US for two years, the company concluded it won’t reach break-even by mid-2018. The company says the impact of this closure will not be material to the InvoCare group’s financial results.
Despite that, Invocare will still continue to operate its cremations business in Los Angeles.
Invocare says its decision to close down most of its US businesses was made so it could focus on its core markets in Australia, New Zealand and Singapore.
InvoCare posted a net profit of $27.9 million at 30 June 2016.
