Funeral, cemetery and crematorium operator Invocare is on the hunt for more acquisitions.
The largest player in the funeral industry in the Asia Pacific region has just begun operating in southern California, and says it has two potential acquisitions in the pipeline in New Zealand, plus discussions about other opportunities.
"There has been discussion with a number of potential vendors. There is no certainty about the success or timing of any acquisitions, nor of any movement into new markets," Invocare said.
The news came as the company achieved a 12 per cent rise in annual net profit to $54.5 million, as an increase in the number of deaths and improved contract values pushed sales up seven per cent to $413 million.
The company, which owns the White Lady Funerals and Guardian brands, said its market share had remained steady since December 2013, after declines in the second half of 2013.
Invocare said funeral numbers in January had followed the improved trend experience in December, and market share would be a key focus for 2015.
Its shares dropped five cents to $13.22.
MORE FUNERALS MEANS PROFIT GROWTH FOR INVOCARE
* Net profit of $54.m, up 12 pct from $48.9m
* Sales revenue of $413m, up seven pct from $385m
* Interim dividend of 15.75 cents, up from 15 cents
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