Dignity pre-tax profits drop 12% in FY21
Meanwhile, underlying operating profits for crematoria services increased 6% year-on-year from £44.2m to £47m
Dignity plc, the end-of-life provider in the UK, has reported its pre-tax profits dropped 12% in the 53-week period ending 31 December 2021 (FY21), falling year-on-year from £30.6m to £26.8m.
The group’s underlying operating profits also fell 7% year-on-year from £60.3m in FY20 to £55.8m, and underlying revenues also decreased by 1% year-on-year from £314.1m to £312m.
Meanwhile, on a divisional basis, underlying operating profits for crematoria services increased 6% year-on-year from £44.2m to £47m, and underlying revenues rose 3% from £82.7m to £85.5m.
However, funeral services generated underlying operating profits of £48.2m, down 10% from £53.1m in FY21, and revenues fell from £202.6m to £201.9m.
Additionally, pre-arranged funeral plans hailed revenues of £24.6m, down 14% year-on-year from £28.8m, and 581,000 active plans by the end of FY21, up 4% from 558,000 in FY20.
Dean Moore, interim chief financial officer, said: “Our performance in 2021 reflects the continued impact of Covid-19 and the implementation of the new strategy in Q4.
“Allowing for the fact that 2021 represents a 53 week period for the group means that, on a 52 week comparable basis, deaths were 14,000 lower in the period. Therefore, although 2021 has an additional week of underlying revenue compared to 2020, total deaths including week 53 were broadly comparable.”
He added: “Our market share slightly decreased on funeral services and there was a strong market share performance by our crematoria business. Cash generation remained strong in the year and will enable us to continue to invest in our strategic objectives in the future.”
