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InvoCare Announces to Recognise Expense Items in FY 2020 Results

17 Feb 2021  |  08:37:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: InvoCare to recognise Signifcant Expense Items FY20 results

InvoCare announced that it intends to recognize Items totalling $26.5m (pre-tax) in its financial results for the 12 months to 31 December 2020 largely reflecting the outcomes of its assessment of carrying values in light of the impact of COVID on the funeral services sector and the broader economy in Australia and NZ. The largest impact relates to impairment of the carrying value of goodwill attached to the NZ business. In addition, smaller provisions will be recognised for slow-moving memorialisation inventory, aged debtors and recognition of costs relating to the transition to a new CEO and Chief Financial Officer in the second half of 2020.

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