Invocare lifts FY profit

Funeral operator says results weighed by fewer than expected deaths, personnel costs.

Invocare (IVC) has posted a modest lift in both interim profit and revenue, but says the results were weighed by fewer than expected deaths and the continued investment in personnel, commenced during 2012.

In the six months to June 30, the funeral, cemetery and crematorium operator's net profit was $21.5 million, a 5.6% increase on the $20.3 million recorded in the previous corresponding period.

In the same period, revenue was $183.64 million, a 5.1% jump on the previous corresponding period's $174.81 million.

"Whilst InvoCare continued its investment in personnel for innovation and future growth, it was unable to react quickly enough to reduce costs when an unexpected, sudden decline in funeral case volumes occurred in the month of June," the group said.

Invocare will pay a fully-franked interim dividend of 15 cents on October 4, to shareholders on the register as at September 13.

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