In 2019, we posted another resilient performance amid unprecedented change in the funeral industry. We met market expectations and delivered an operating performance in line with the Board’s expectations, allowing for the significantly lower number of deaths particularly in the first half of the year. Our market share remained robust, demonstrating a continued positive response to the Group’s updated service offer and price points introduced since January 2018. Lower deaths and the expected reduction in average funeral income meant that underlying operating profit decreased by 21 per cent (to £63.3 million). Average income per funeral was down from £2,973 to £2,930. The funeral mix continues to evolve in the light of new service offers and ongoing pricing trials and we continue to make good progress in identifying the best balance between price and service offer. Our crematoria and pre-arranged funeral plan businesses also performed well. Average income per cremation was £1,186 (2018: £1,197), reflecting the evolving mix of our locations and service offerings.

Please see below for an operational and financial summary of our three main business areas: funeral services, crematoria and pre-arranged funeral plans.

Group performance

Underlying revenue £301.3 million

Underlying revenue
(£million)

Bar chart displaying underlying revenue in £s million from 2015 (305.3) to 2019 (301.3)

Underlying revenue by area
(£million)

Pie chart displaying areas of revenue in £s million
  • Funeral services 203.3
  • Crematoria 76.8
  • Pre-arranged funeral plans 21.2

Underlying operating profit £63.3 million

Underlying operating profit
(£million)

Bar chart displaying underlying operating profit in £s million from 2015 (98.7) to 2019 (63.3)

Underlying operating profit by area*
(£million)

Pie chart displaying areas of operating profit in £ million
  • Funeral services 56.3
  • Crematoria 38.4
  • Pre-arranged funeral plans £nil

*Excludes central overheads of £31.4 million

Underlying earnings per share 60.6 pence per share

Underlying earnings per share
(pence)

Bar chart displaying underlying earnings per share in pence from 2015 (119.8) to 2019 (60.6)

Funeral services

Underlying revenue £203.3 million

Underlying revenue
(£million)

Bar chart displaying underkying revenue in £s million from 2015 (212.6) to 2019 (203.3)

Underlying operating profit £56.3 million

Underlying operating profit
(£million)

Bar chart displaying underlying operating profit in £s million from 2015 (76.8) to 2019 (56.3)

Crematoria

Underlying revenue £76.8 million

Underlying revenue
(£million)

Bar chart displaying underlying revenue in £s million from 2015 (63.1) to 2019 (76.8)

Underlying operating profit £38.4 million

Underlying operating profit
(£million)

Bar chart displaying underlying operating profit in £s million from 2015 (34.6) to 2019 (38.4)

Pre-arranged funeral plans

Total active pre-arranged funeral plans 523,000

Total number of active pre-arranged funeral plans
(thousands)

Bar chart displaying Total number of active pre-arranged funeral plans from 2015 (404,000) to 2019 (523,000)

Underlying operating profit £0 million

Underlying operating profit
(£million)

Bar chart displaying underlying operating profit in £s million from 2015 (7.8) to 2019 (0)

Annual report

Read the 2019
Annual Report

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