InvoCare Limited (ASX: IVC) is in the business of providing Funeral, crematoria, cemetery and other related services in Australia, Singapore and New Zealand. On 19 September 2018, the company made an announcement regarding acquisition of the assets and business of Harrison Funerals which is based in Ballarat, Victoria. Harrison is a growing funeral provider in Ballarat and it has been providing services since 2005.
It is anticipated that the acquisition will be completed by the end of the September 2018. Harrison Funerals conducts approximately 150 funeral services and generates revenue of approximately $ 1 million per year. The assets purchased by InvoCare includes prepaid contracts, freehold properties and fully equipped funeral home with mortuary and chapel. This acquisition has given opportunity to InvoCare for expansion in the regional markets. The company announced its acquisition of William Morrison Funeral on 14 August 2018. William Morrison Funeral business is based in Auckland, New Zealand. Morrisons is a successful business which performs around 720 cremations, 950 funerals annually and generates revenue of around NZ$5.2 Million per year.
According to the Financial results for half year ended June 30, 2018, the company’s operating sales revenue was $225.7 million in H1 2018 which is an increase of 0.4% from the first half of last year’s operating sales which were $224.8 million. The operating EBITDA was $53.7 million which was 0.3% less than PCP. The statutory profit after tax was $20.8 million which decreased by 50% compared to last year. Net cash flow from operating activities decreased from $30.5m in H1 2017 to $12.8m in H1 2018 which is mainly due to non-recurring project related costs. The share price of the company increased by 0.249% as on 19 September 2018. IVC’s share traded at $12.100 at market capitalization of $1.33 billion as on 19 September 2018 (AEST 6:30 PM).
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