Dignity Plc (LON: DTY) has reported a 4% increase in revenue this year amid the Coronavirus pandemic.
In the 39 weeks to the end of September, the funeral provider saw revenue grow from £225.4m to £234.5m.
The increase in revenue reflects the higher number of deaths amid the pandemic.
In the first three-quarters of 2019, the London-listed company conducted 52,100 funerals – compared to the 61,700 funerals for the same period this year.
“2020 is proving to be a unique and challenging year, with the impact of COVID-19 on our daily lives likely to continue for many months to come,” said Dignity in a statement.
“Following the terrible impact of COVID-19 in the second quarter this year, the number of deaths in the third quarter was broadly flat on the prior year. The final quarter of 2019 witnessed 152,000 deaths and deaths in October were broadly flat on the prior year. The Group will not speculate on the most likely outcome for the remainder of the year, however it is possible that the tragic events of 2020 may mean 2021 and 2022 could experience a lower number of deaths than in 2019.”
Executive chairman Clive Whiley said: “We have played a crucial role in the country’s fight against Covid-19, whilst simultaneously challenging ourselves to do things better, collaborate constructively in the CMA’s market investigation, deal with continued fierce competition and finally start the work that will see our long held call for pre-need regulation become a reality.”
“Ultimately it will take a combination of the serious pricing and product trials, alongside competitor reactions and the CMA final outcome, to define a strategy that harnesses the full capacity and bandwidth of our business, where we remain determined to grow market share without further dilution for shareholders.”
Dignity shares (LON: DTY) have recovered following the fall across March – June this year as the pandemic hit. Shares in the group are trading 0.54% higher on Monday at 558,00 (0951GMT).
