Propel Funeral Partners, one of the largest death services providers in Australia and New Zealand, announced that its revenue increased 19% this year. A $8.3 million (€7.5m) net-profit compared to a loss of $9.6 million (€8.7m) in the same period last year.
The high profit is a result of the significant increase of deaths that occurred this winter. Mr. Kurti the managing director at Propel Funeral Partners said in a release: “Propel has made a positive start to the new financial year and we expect death volumes will continue to revert to long term trends, given the unusual decline experienced last year, the partial recovery in recent months and the growing and ageing population,”
His outlook on the funeral business is positive according to the Propel Funeral Partners annual report and the demand for death care services will grow due to the Silver Tsunami (ageing baby boomers) and the growing population. Currently the share price stands at 3.27 on the Australian Security Exchange (ASX).
Propel Funeral Partners funeral volume has increased to 11,304 services per year as the company has acquired Waikanae Funeral Home, the Morleys Group, Martin Williams Funeral directors, Manning Great Lakes Memorial Gardens and Newhaven Funerals. In addition, the company has acquired the Dills group for binding legal documentations and will acquire Gregson and Weight Funeral Directors in the course of the year. The funeral giant is now operational in 120 locations.