High number of Covid-related deaths boost profits at funeral services provider
A high number of deaths in the first quarter of the year has boosted profits and turnover at funeral services director Dignity.
For the 13-week period to 26 March, the firm saw revenues rise by 14% to £94.7m, while profits durig the same period were up 35% to £26.1m.
The absolute number of deaths increased by approximately 27% to 204,000 from 161,000 in the comparative period last year as a result of COVID-19.
The news comes after a period of turmoil for the firm which resulted in a boardroom coup, which saw Clive Whiley ousted from the firm and Gary Channon appointed as executive chairman.
Channon said: “As the limits on mourner numbers begin to ease, we expect to see a change in the services we are able to offer bereaved people and look forward to helping those who have lost someone say goodbye in a personal and meaningful way.
“On 12 April, I laid out my vision for Dignity which contained a number of potential actions aimed at securing Dignity’s future and building a better business for bereaved people, our staff and our partners. As we navigate out of the pandemic, and in light of regulatory changes in our industry, our hope is to lead positive change in our sector and become the true market leader with an unrivalled focus on quality, standards and choice. We are working hard on this plan and look forward to presenting it to shareholders at our AGM on 23 June 2021.
“I would like to thank all of our employees for their hard work and dedication over the last year in the most challenging of circumstances, and look forward to working alongside them as we move into Dignity’s next phase of growth together. In addition, we have commenced a process to recruit a new independent chairman and non-executive directors to help steer the strategic direction of Dignity’s bright future. We will provide an update on appointments made in due course.”
