Business Description:
InvoCare Limited (IVC) is an Australian company that owns and operates funeral homes, cemeteries and crematoria across Australia and Singapore. The company operates funeral homes under the brands White Lady Funerals and Simplicity Funerals among others.

Strategy Analysis:
IVC will build on its strong market position, expanding slowly by acquisition and continuing to enhance brand strength through advertising and superior customer service. Several brands successfully address several market segments. InvoCare reported NPAT of $14.46m for the half-year ended 30 June 2011. Revenues from ordinary activities were $143.22m, up 10.1% from the same period last year. This growth was driven by market share improvements, increased numbers of deaths, annual price changes and higher funeral disbursement revenues. Basic EPS was 14.1 cents compared to 6.5 cents last year. Net operating cash flow was $21.1m compared to $18.3m last year. The interim dividend declared was 13.5 cents compared with 13.0 cents last year. The divestiture of Gregory & Carr Funerals in Sydney was completed on 29 July 2011 and contracts have been exchanged for the sale of Great Northern Garden of Remembrance in Brisbane. Discussions are underway with various parties in Australia and NZ as further acquisition prospects are considered.