Propel Funeral Partners (ASX: $PFP) 2023 Annual General Meeting highlights

Propel Funeral Partners Limited (ASX: $PFP) held its 2023 Annual General Meeting (AGM) on 23 November 2023, where the Chairman and Managing Director addressed the shareholders. The company reaffirmed its FY24 guidance for revenue in the range of $200 to $220 million and Operating EBITDA of $54 to $60 million after reporting a record first quarter performance. The AGM also highlighted the company's continued growth in key financial and operating metrics, expansion of debt facilities, completion of nine acquisitions during and since FY23, and its positioning to navigate natural fluctuations in the death rate and the higher inflationary and interest rate environment.

Executive Commentary on FY23 performance and FY24 outlook

Albin Kurti, Managing Director of Propel Funeral Partners, stated, 'FY23 was another record year for Propel, which continued its track record of delivering revenue and earnings growth. The company achieved continued growth in key financial and operating metrics, on the back of materially higher funeral volumes and stronger Average Revenue Per Funeral. Having deployed $121 million on acquisitions in the past 12 months, Propel has made a positive start to, and expects to deliver continued growth in, FY24 and is well placed to navigate natural fluctuations in the death rate, the higher inflationary and interest rate environment, and to continue consolidating what is a highly fragmented and essential service industry that stands to benefit from the ageing population, for decades to come.'

Summary of Propel Funeral Partners' AGM and outlook

Propel Funeral Partners (ASX: $PFP) reaffirmed its FY24 guidance for revenue in the range of $200 to $220 million and Operating EBITDA of $54 to $60 million after reporting a record first quarter performance. The company's AGM highlighted its continued growth in key financial and operating metrics, expansion of debt facilities, completion of nine acquisitions during and since FY23, and its positioning to navigate natural fluctuations in the death rate and the higher inflationary and interest rate environment. Albin Kurti, Managing Director of Propel Funeral Partners, expressed confidence in the company's ability to deliver continued growth in FY24 and consolidate its position in the highly fragmented and essential service industry benefiting from the ageing population.