Propel Funeral Partners Limited (ASX: PFP) provides funeral services. The Company is into the operation of funeral homes, cemeteries, crematoria, and related assets, as well as offers funeral, cremation, burial, and mortuary services. Propel Funeral Partners serves individuals and families in Australia and New Zealand.
Propel Funeral Partners Limited has recently released its 1H FY19 Results for the six months ended 31 December 2018. As per the same, the company’s Revenue increased by 20.9% from $38,942,000 in 1H FY18 to $47,095,000 in 1H FY19. This rise was driven on the back of a 15.0% increase in revenue from funeral operations as well as revenue from the cemetery, crematoria and memorial gardens doubling to $5,176,000.
Average revenue per funeral was $5,549 in the first half of FY19, which was 2.2% higher compared to the prior corresponding period. Like for like average revenue per funeral growth was 3%, which was within the company’s target range of 2% to 4%.
During the half year Propel performed 5,644 funerals, which was 11.7% more than the prior corresponding period. However, the funeral industry was going through below trend funeral volumes due to a benign 2018 flu season. Propel said that Tasmanian deaths were down by 15.4%. Propel said that there 509 less like for like funerals than last year, but it expects the $3.7 million like for like revenue will be deferred, rather than lost, to future periods.