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Dignity swings to loss as pandemic restrictions dent funeral service offering
StockMarketWire.com
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Funeral services group Dignity swung to an annual loss as Covid-19 restrictions imposed by government limited its service offering and dented revenue.
For the 12 months ending 25 December 2020, pre-tax losses were £19.6 million, compared with a profit of £44.1 million was revenue fell 5% to £357.5 million.
'At the peak of the pandemic the crisis led to a constricted service offering, in the interests of the welfare of our staff and clients, alongside higher PPE and temporary staff expenditure which translated into underlying operating profit falling by 12% to £55.7 million,' the company said.
COVID-19 directly contributed to a 14% increase in the total UK 2020 annual death-toll of 663,000, it added.
Looking ahead, the company is focusing on its root and branch review which will be completed in the second quarter of 2021.
'We continue to develop and trial different service offerings and propositions and will continue to work with the regulator and Government to ensure the package of remedies recommended by the CMA work for customers,' the company said.
At 8:29am: (LON:DTY) Dignity PLC share price was 0p at 666p
Story provided by StockMarketWire.com
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