InvoCare Limited, the largest public company in the death care space serving Australia, New Zealand, and Singapore reported half-year earnings which indicate that Operating Earnings after tax dropped 5.2% to AUS $22.3 million from last year’s AUS $23.6 million. In somewhat of an interesting note, Net Profits increased 97% to AUS $41.4 million because of “Earnings on Pre-Paid Funeral Funds.” You can read more about the report from InvoCare here.
Sales revenue for InvoCare grew to AUS $ 241.5 million up from last year’s first half of AUS $225,7 million. . . an increase of 7%. Sales in Australia increased by 1.6% total with an average funeral case increasing 2.3% in price. Growth in revenue in New Zealand increased 1.7% and growth in Singapore increased 41.4% due, according to the report, of the re-opening of establishments that had been closed for renovation.
Pre-Paid funeral funds under management are held in trusts which can include equities. According to this article from the Australian Financial Review, InvoCare’s return more than quadrupled for the period.
Propel Funeral Partners, another public death care company based in Australia, announced that their full-year report will be released on August 26. In their first-half report that was for the period ended December 31, 2018, they reported sales increases of almost 21%. For that time period the company reported funeral volumes up 11.7% and average revenue per service up 2.2%. You can read an article on the two public death care companies based in Australia here.