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Propel Funeral Partners Limited (ASX:PFP) provides funeral services. The Company is into the operation of funeral homes, cemeteries, crematoria, and related assets, as well as offers funeral, cremation, burial, and mortuary services. Propel Funeral Partners serves individuals and families in Australia and New Zealand.
Propel Funeral Partners Limited has recently released its 1H FY19 Results for the six months ended 31 December 2018. As per the same, the companyâs Revenue increased by 20.9% from $38,942,000 in 1H FY18 to $47,095,000 in 1H FY19. This rise was driven on the back of a 15.0% increase in revenue from funeral operations as well as revenue from the cemetery, crematoria and memorial gardens doubling to $5,176,000.
The latter was largely attributable to the acquisition of 100% of the issued share capital of Norwood Park Limited, a crematoria and cemetery business which operates in the Australian Capital Territory, New South Wales and Queensland.
Average Revenue Per Funeral increased by 2.2% from $5,427 in 1H FY18 to $5,549 in 1H FY19, including the financial profile of acquisitions completed during FY18 and in 1H FY19. The 22 businesses owned throughout 1H FY18 and 1H FY19 experienced a 3.0% increase in Average Revenue Per Funeral during the period, which was primarily influenced by price increases and sales mix. The increase was in line with the companyâs target annual growth of between 2.0% and 4.0%.
Operating EBITDA increased 6.4% from $10,961,000 in 1H FY18 to $11,658,000 in 1H FY19, primarily due to contributions from the full period impact of acquisitions completed in FY18 and the part period impact of acquisitions completed in 1H FY19, offset by lower funeral volumes on the comparable businesses.
The 1H FY19 Operating EBITDA margin was 1.8% lower than FY18. This was witnessed on account of the below trend death volumes, the mix of freehold and leasehold properties which resulted in an increase in occupancy costs and the financial contributions of acquisitions completed in FY18 and 1H FY19.
The directors have declared a fully franked dividend of 5.7 cents per ordinary share on 25 February 2019. The dividend will be paid on 5 April 2019 to eligible shareholders on the register as at 5 March 2019 (Record Date).
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $3.060, up by 2% during the dayâs trade with a market capitalisation of ~$289.58 Mn. The counter opened the day at $3.040, reached the dayâs high of $ 3.070 and touched the dayâs low of $ 3.030 with a daily volume of ~73,694. The stock has provided a Year Till Date return of 19.76 % & also posted returns of 5.26 %, 14.94 % & 12.36 % over the past six months, three & one-months period respectively. It had a 52-week high price of $3.370 and touched 52 weeks low of $2.420, with an average volume of 85,092 approximately.
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