Initially I thought this too, but I think a more detailed...

Initially I thought this too, but I think a more detailed breakdown of the revenue sources, along with their margins, needs to be considered. If the casket, the service, and hall hire are main items I cannot see that change much. Catering may or may not be a big source of $$$. Plus Government would now be subsidising staffing costs for all administrative workers. Deaths are down this year so no doubt so is revenue.

While I think these are relevant details to look at much, much deeper, I have not personally seen the figures so it could go either way.

My biggest long term concern is their debt, the likely over payment for some acquisitions, and the costing structure of prepaid funerals with expected returns on advanced payments. If inflation occurs - they are stuffed, if no returns occur or substantial losses - they are stuffed.