Propel Funeral Partners' impressive FY24 performance

Propel Funeral Partners (ASX:PFP) held its 2024 Annual General Meeting on November 7, 2024. The company reported a record year for FY24, with revenue increasing by 24.2% to $209.2 million and operating EBITDA rising by 20.5% to $55.4 million. Propel Funeral Partners is the second-largest death care services provider in Australia and New Zealand, operating from 198 locations.

Key takeaways and future outlook for Propel Funeral Partners

Propel Funeral Partners showcased a strong FY24, marked by a 24.2% increase in revenue and 20.5% rise in operating EBITDA. The company completed 11 acquisitions, adding 37 new locations. Propel's strategy is centered on expanding its footprint in the fragmented death care industry across Australia and New Zealand. With a substantial funding capacity of $153 million, Propel is well-positioned for future acquisitions. The industry is expected to grow due to demographic trends, and the company aims to continue its acquisition-led growth strategy while navigating industry fluctuations.

Executive insights on Propel's performance and strategy

The results for FY24 reflect our successful acquisition-led strategy and strong organic growth. We have expanded our network significantly and remain focused on acquiring and operating assets in the death care sector. Our outlook remains positive, with substantial funding capacity to capitalize on further opportunities.