Funeral services provider Dignity has returned to profit in its first full year since exiting the London Stock Exchange.
The Sutton Coldfield-based company withdrew from the stock market in May 2023 after agreeing to a £281 million cash takeover by an investor consortium earlier that January. The business was founded in 1994 and went public on the London Stock Exchange a decade later.
Dignity has now reported a pre-tax profit of £7.2 million for the year ending 27 December 2024, according to newly filed accounts, as reported by .
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This return to profitability follows a pre-tax loss of £47.6 million in the previous year and a significant deficit of £327.9 million in 2022.
The latest financial statements submitted to Companies House also reveal a decrease in Dignity's workforce from 3,493 to 3,121 over the year, alongside a slight drop in turnover from £329.7 million to £326.3 million.
The company noted a 10.1% decline in funeral volumes to 69,400, attributing this to a lower national death rate and the shuttering of 90 branches that failed to meet the group's financial targets.
A statement endorsed by the board read: "The business has made some significant strategic progress during 2024.
"The group delivered positive growth... primarily driven by strong cost management across the business despite a 3.5 per cent reduction in the death rate compared with the prior year."
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Dignity revealed it had managed to repay £137.7m of debt and bring in in £25.9m from swelling its freehold property estate.
Earlier this year, the company parted ways with six crematoria in a sale and leaseback agreement, netting a tidy £43m.
As January drew to a close, the group's acquisition of online end-of-life services firm Farewell for a potential £12.9m was finalised.