ASX-listed funerals group InvoCare, which handles funerals and funeral directors in Sydney and across Australia, and New Zealand, has recently undergone a new refurbishment program, which is aimed at attracting Baby Boomers.

CEO Martin Earp says that baby boomers were transforming the funeral industry, and, in response, he had InvoCare undergo refurbishment program, with the aim at modernising their facilities; about 250 funeral homes and crematoriums. The early signs from the $200 million investment has already been promising.

Baby boomers, were credited with changing how weddings were held, earlier in their lives, and now, they were changing how funerals were held; there was now a more celebratory, energetic and personalized approach. Earp says that they want to be involved now, in organising their funerals, not just leaving it up to the funeral directors in Sydney or wherever it is they’re getting their funeral handled. Funerals are now more akin to events.

InvoCare recently posted positive numbers, with a 37.3% increase in net profits to $97.4 million for 2017, as its Aussie ventures gave solid returns, with investment returns going up, from the $545 million in pre-paid funeral funds. Margins, meanwhile, expanded to 26.4% from 24.9%.

Currently, the company is in the early stages of its modernization, aimed at transforming their branches into a one-stop shop with modern features and aesthetics. Earp says that it’s what people would expect from baby boomers; always wanting to do things on their terms. They want a celebration of their lives, and to be prepared for any eventuality, marked by an increase in pre-paid funeral funds from $473 million annually to $545 million.

Earp reports that InvoCare is currently handling revamps and refurbishments in 41 sites in 2018, and he’s added that the time spent on the changes were dependent on the extent of the work needed.

InvoCare has had a mixed year, recently, with a 10.6% increase in operational earnings following tax deductions, to $63.5 million in 2017, with the company’s final dividend sitting pretty at 27.5¢/share, to be paid on the 6th of April. However, their stock has slipped, from $17.98 at late November 2017, to about $15.50.

The funeral company operates 250 funeral homes and crematoriums, under several brands like White Lady Funerals, Tobin Brothers and Simplicity Funerals.

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