Australia’s second-largest funeral service provider, Propel Funeral Partners (ASX: PFP), has recently advised that COVID-19 restrictions, impacted on their bottom line.
As a result, the company’s average revenue fell by approximately 10% in April, compared to the previous corresponding period.
However, the easing of funeral attendance limits in May, resulted in a healthy boost for the company, with an average revenue increase of 8%.
That may be good news for Propel shareholders, but not for grieving families who can’t afford an expensive funeral.
In an updated announcement to the market, for the 2020 financial year, Propel painted a rosy picture for shareholders. With restrictions on funeral attendance limits lifting, it expects their funeral case revenue to continue to increase further.
Propel also reported that it remains upbeat that death volumes are forecast to increase in Australia, due to a growing and ageing population.
Although Propel may be upbeat about increased profits, eziFunerals is concerned that the monopolisation of the funeral industry by Propel Funeral Partners and InvoCare will only result in rising funeral costs at a time when grieving families can least afford it.
Who are Propel Funeral Partners?
Propel Funeral Partners was established in FY12 and is now the second largest private provider of death care services in Australia and New Zealand. Propel was founded by former senior executives of DB Capital Partners and is managed by Propel Investments Pty Ltd.
Propel expects its total funeral volume to exceed 13,000 this financial year, an increase of 1700 services since FY19.
The company’s growth is due to the acquisition of local family owned funeral businesses and their portfolio currently comprises over 100 locations in Australia and New Zealand. They own funeral homes, cemeteries, crematoria and related assets in Queensland, New South Wales, Victoria, Tasmania, South Australia, Western Australia and New Zealand.
Which Funeral Brands are owned by Propel Funeral Partners?
The following funeral brands are owned by Propel Funeral Partners.
Not all funeral directors are the same. It pays to shop around!
If you or a friend have used a funeral director in the past, don’t automatically assume it’s the best choice. Furthermore, don’t be deceived by well known funeral brand names in your area. Although most consumers will pick a funeral home brand based on expensive marketing campaigns, it pays to shop around.
eziFunerals recommend that you ask yourself the following key questions before hiring a funeral director:
- If local ownership and community involvement are important to you, you should ask who owns and operates the funeral home you are considering.
- Are they family owned and independent OR are they owned by the big funeral chains?
- Does the funeral director work for you and your family or shareholders of publicly listed companies?
- Have you met or heard about the funeral director in your community?
- Do you know their personal and professional reputation?
- How long have they been serving their community?
- What has been the experience of relatives, friends and neighbours?
- Does the funeral director provide a full service facility and are they able to handle all of your needs (chapel, viewing room, reception and catering facilities, parking, etc.)?
- Is the funeral home a trusted and approved member of eziFunerals?
If you need a Quick Quote, you can connect with Independent Funeral Directors by filling in our simple and easy funeral price request form.
eziFunerals is a FREE consumer advocacy and funeral planning platform. We are an independent, Australian-owned and operated company. We are not a subsidiary of any other corporation. We are not part of any other funeral company.