Propel Funeral Partners Limited (ASX:PFP) in its trading update highlighted that the financial results for nine months ended 31 March 2020 were materially above the previous corresponding period.
In April 2020, despite COVID-19 pandemic & social distancing measures in Australia as well as New Zealand, the company did not face any material impact on funeral volumes. Also, the Average Revenue Per Funeral dropped by ~10%.
The company is well funded to face the challenging economic and trading conditions due to COVID-19 as well as to continue its acquisition led growth strategy. Presently, it has ~$69 million as the available funding capacity. It has $49 million of cash at bank and $40 million fund available from the undrawn $150 million debt facility.