InvoCare’s profit slide due to fewer deaths

Company News

by Rachael Jones

Funeral company InvoCare (ASX:IVC) has reported its full-year net profit has fallen 57.7 per cent to $41.2 million from $97.4 million in the same corresponding period due in part to a lower number of deaths.

Also a number of their venues are undergoing renovation.

Total revenue for the 12 months to December 31 increased by 1.4 per cent to $477.3 million from the previous year reflecting successful acquisitions and sales of cemeteries and parts of its crematoria business.

Operating EBITDA is down 4.3 per cent to $119.0 million from $124.3 last year.

The company posted a total dividend of 37 cents, 9.0 cents lower than last year.

Shares in InvoCare (ASX:IVC) are trading 5.96 per cent higher to $13.33.