Finance

Propel Funeral Partners shows growth with 2022 Annual Report

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Propel Funeral Partners, the public company that owns and operates funeral homes, cremation facilities, cemeteries, and related infrastructure in Australia and New Zealand, announced their Fiscal Year 2022 (FY22) results in late August, and did so by showing growth all across their reporting numbers.

The company that began in 2012 with 278 funeral services reported 16,537 funeral services in FY22 which is an 18% increase over the 13,916 services conducted in FY2021.  The company that now has 144 locations also acquired 6 locations in FY22.

As far as revenue is concerned, Propel Funeral Partners grew that to US $ 97.4 million as compared to US $80.8 million in FY2021.  That’s an increase of over 20%.  On that US $97.4 million in revenue they produced an Operating EBIDTA of US $ 26.18 million, which is a full 25% more than FY 2021.

Finally, Propel Funeral Partners announced that they grew their Revenue per call about 2% in the last year from US $3,971 in FY2021 to US $4,053 in FY22.

You can see the Propel Funeral Partners FY2022 Annual Report here.

In that annual letter to shareholders Chairman Brian Scullen and Managing Director Albin Kurti made the following comments:

Despite COVID-19 impacts, FY22 was another record year for Propel. The Company continued its track record of delivering revenue and earnings growth, with revenue growing by 20.6% to AUS $145.2 million (US$ 97.4 million), pro forma Operating EBITDA growing by 25.2% to $ AUS 39.0 million (US $26.18 million) and pro forma Operating NPAT growing by 45.0% to $AUS 16.9 million. . . . .

. . .Demand for death care services is expected to grow in Australia and New Zealand because of increasing death volumes due to population growth and ageing of the “baby boomers”. . . . .The Company believes there is significant opportunity for further consolidation in Australia and New Zealand and Propel is well positioned to capitalize on potential acquisition opportunities.” 

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