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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.