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ASX ANNOUNCEMENT PFP PROPEL FUNERAL PARTNERS 25 February 2021 FY21 First Half Results Revenue of $ 59.0 million , up 3.5 % on the prior corresponding period ( PCP or 1H FY20 ) • Operating EBITDA¹ of $ 19.0 million , up 14.8 % on the PCP Operating NPAT² of $ 8.4 million , up 7.6 % on the PCP • Operating EPS3 of 8.5 cents , up 7.0 % on the PCP • Interim dividend declared of 6.0 cents ( 1H FY20 : 4.0 cents ) per share fully franked • New acquisition announced , strong cash flows and funding position , despite COVID - 19 impacts Dear Shareholders , On behalf of the board , we are pleased to report the financial performance of Propel Funeral Partners Limited ( ASX : PFP ) ( Propel or Company ) for the six month period ended 31 December 2020 ( 1H FY21 ) . Financial performance Propel's financial results were resilient in 1H FY21 , despite below trend death volumes in key markets within which the Company operates and COVID - 19 impacts . Propel achieved growth in key financial metrics , as set out below : 1H FY21 1H FY20 Change Revenue ( $ m ) 59.0 57.0 3.5 % Operating EBITDA ( $ m ) 19.0 16.6 14.8 % Margin 32.2 % 29.1 % + 320bps Operating NPAT ( $ m ) 8.4 7.8 7.6 % NPAT ( $ m ) 8.2 3.4 141.7 % Operating EPS ( cents ) 8.5 7.9 7.0 % Cash flow conversion 4 ( % ) 97.6 % 99.2 % 160 bps The 1H FY21 financial results include : • part period contributions from three acquisitions completed during 1H FY21 ; full period contributions from two acquisitions completed during 1H FY20 ; and • no Performance Fee5 being earned by the Manager 5 ( 1H FY20 : $ 4.1 million ) . Further details are provided in the Appendix 4D , Interim Financial Report and 1H FY21 Investor Presentation . Interim dividend The board has declared a fully franked interim dividend of 6.0 cents ( 1H FY20 : 4.0 cents ) per share , which represents : a payout ratio of ~ 82 % of Distributable Earnings6 ; and • a dividend yield of ~ 4.1 % 7 ( or ~ 5.8 % grossed up for tax ? ) . The interim dividend will be paid on 9 April 2021 , with a record date of 9 March 2021 . 1 Earnings before interest , tax , depreciation , amortisation , the Performance Fee and certain non - operating items , such as acquisition costs . 2 Net profit after tax adjusted for the Performance Fee and certain non - operating items , such as acquisition costs . 3 Operating earnings per share , calculated as Operating NPAT divided by the weighted average number of shares on issue for the relevant period . 4 The percentage of Operating EBITDA converted into ungeared , pre - tax , operating cash flows , excluding the Performance Fee . 5 As defined in the prospectus prepared in connection with Propel's initial public offering ( IPO ) dated 25 October 2017 . 6 Net profit after tax adjusted for certain non - cash , one off or non recurring items such as the net financing charge and acquisition costs . 7 Based on Propel's closing share price of $ 2.95 on 24 February 2021 , total dividends declared of 12.0 cents per share in connection with CY20 and the corporate tax rate of 30 % in Australia . Propel Funeral Partners Limited ( ACN 616 909 310 ) , Level 18.03 , 135 King Street , Sydney NSW 2000 t 61 2 8514 8600 f 61 2 8514 8666 w propelfuneralpartners.com.au