The InvoCare Limited (ASX: IVC) share price continues climbing after it released an announcement on 28 September that it is to report an approximate after tax profit of $30 million on the sale of a property investment.
InvoCare is a provider of funeral, cemetery, crematoria, and related services, currently operating in Australia, New Zealand and Singapore. It is currently managing 270 funeral locations and 16 cemeteries and crematoria.
Over H1 FY 2017 InvoCare made a net profit after tax of $41.7 million, which was a 51.4% increase on its H1 FY 2016 result.
InvoCare reported a revenue and EBITDA increase of 1.7% and 9.9% respectively in comparison to H1 FY 2016. Dividends were up by 8.8% with basic EPS up 40.6% on its prior half-year result.
According to the Financial Times analysts have an average share price target on InvoCare of $14.50, with a high estimate of $16.50 and low estimate of $11.80.
Management is expecting to deliver high single-digit growth for 2017 in both EBITDA and operating EPS.
