Ann: 1H FY22 Results Investor Presentation, page-2

While it's a subject that few of us enjoy discussing, recent bans on elective surgery (especially in Victoria) will unfortunately inevitably have hastened death for some patients, as various illnesses such as cancers may not have been operated on in as timely a fashion as usual.

However any such trend of increased mortality will take a while to occur.

The age profile of the Australian population is changing with the August 2021 Census likely to disclose an increase in the median age to perhaps 39. A one year rise doesn't sound much but it's significant.

Waiting lists in the public hospital subsector may have also risen as health care facilities allocate staff to COVID-19 wards and more importanly, experience a high level of staff sick days.

EPS is up more than 23 per cent and the dividend has been maintained at six cps, although the payout ratio at 88 per cent has further risen and is very high.

PFP has managed to reduce its net debt by about 55 per cent. This should be a positive given that interest rates are on the rise. Senior debt has also significantly risen.

It's encouraging that January trading is said to have been good with the average spend on a funeral returning to what it was, or a bit above, pre-COVID-19 levels.

While I'd prefer to see a metric over the past couple of years not just comparing today with 2015 re IVC/PFP relative market shares in the presentation's pie chart, at face value that looks good for PFP.

There's probably room for more geographic expansion given funds PFP has available. I bought shares after the recent capital raising so aren't as acquainted with the history of acquisitions as some will be.