Funeral and crematorium giant InvoCare's investments have helped boost its annual profit despite lower than expected sales and a decline in its market share.
The company's revenue rose 3.3 per cent to $450.7 million in 2016, and net profit jumped 29 per cent to $70.9 million.
Chief executive Martin Earp said there were fewer deaths than anticipated in the company's core markets, and Invocare's market share dropped.
But significant growth in returns on prepaid contracts boosted its profit.
"InvoCare has again delivered a strong set of results that demonstrate the underlying strength of the business," Mr Earp said in a statement.
The company plans to reverse the fall in its market share by spending $200 million over four years to extract greater benefits from existing assets, and develop new locations that will bridge gaps in its current network, he said.
Invocare shares gained $1.09, or 8.4 per cent, to $14.15.
INVOCARE OVERCOMES WEAKER CONDITIONS
* Net profit up 29.4pct to $70.9m
* Revenue up 3.3 pct to $450.7m
* Interim dividend up 3.25 cents to 25.5 cents, fully franked
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