Propel Funeral Partners Limited (ASX: PFP)- Propel Funeral declared better than expected results in the year of its IPO

propel Funeral Limited

Propel Funeral (ASX: PFP) stock rebounded by 9.091% to $3.00 on 28 August 2018 after the company announced more than double of pro forma net profit after tax for the year ended 30 June 2018.

Pro forma operating NPAT increased 125% to $12.3 million as revenue increased to $80.9 million from $46.1 million in FY17. Pro forma operating earnings before interest tax, depreciation and amortization grew 75%, ahead of expectation to $21.5 million in FY18.

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In the year of its official listing on ASX, the company has completed three acquisitions which includes Seasonal Funerals, Brindley Group and Norwood Park. As at 30 June 2018, the company poses healthy balance sheet with cash of $28.3 million and new $50 million undrawn debt facility.

The board has declared a fully franked dividend of 6.4 cents per share, payable on 5 October 2018.

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