Key Highlights

  • Propel Funeral Partners describes itself as the second-largest provider of death care services in Australia and New Zealand, operating funeral homes together with cemetery and crematoria Assets under a portfolio of local and regional brands.
  • Shine Justice Ltd is the ASX-listed parent of Shine Lawyers, a Brisbane-headquartered plaintiff and personal-injury law firm operating across more than 40 offices in Australia and New Zealand.
  • SkinKandy operates a chain of body-piercing and jewellery retail stores across Australia and New Zealand, combining an in-house piercing service — delivered by more than 770 SK Certified piercing specialists — with retail sales of jewellery.
  • The three businesses combine different Revenue models, Capital needs and execution priorities within the consumer sector.

Propel Funeral Partners (ASX:PFP), Shine Justice (ASX:SHJ) and SkinKandy (ASX:SK1) approach FY2027 from different operating positions. Their latest company disclosures show how revenue quality, cash conversion and delivery against announced programs matter more than a shared sector label.

Each company is assessed on its own reporting calendar and Business model. The discussion below retains company-reported financial measures and announced plans while separating those facts from assumptions about future outcomes.

Company Business

Propel Funeral Partners Limited (ASX:PFP)

Propel Funeral Partners describes itself as the second-largest provider of death care services in Australia and New Zealand, operating funeral homes together with cemetery and crematoria assets under a portfolio of local and regional brands. The company has grown historically through an Acquisition roll-up strategy layered on top of organic Volume and pricing growth, funded by a mix of Operating Cash Flow and debt. Propel also writes pre-paid funeral contracts, with associated funds invested and carried on the Balance Sheet as contract assets and liabilities that unwind as those contracts are performed "at need."

Shine Justice Ltd (ASX:SHJ)

Shine Justice Ltd is the ASX-listed parent of Shine Lawyers, a Brisbane-headquartered plaintiff and personal-injury law firm operating across more than 40 offices in Australia and New Zealand. The firm's core business is personal-injury litigation — motor vehicle, workplace and medical negligence claims — alongside a class actions practice and a set of emerging practice areas built out since around 2019. Shine listed on the ASX in May 2013 as Shine Corporate Ltd, later renamed Shine Justice Ltd, retaining the SHJ ticker throughout.

SkinKandy Limited (ASX:SK1)

SkinKandy operates a chain of body-piercing and jewellery retail stores across Australia and New Zealand, combining an in-house piercing service — delivered by more than 770 SK Certified piercing specialists — with retail sales of jewellery. The company listed on the ASX in May 2026, and as at the cut-off date operations remained concentrated in Australia and New Zealand, with its prospectus naming the United States, United Kingdom and South Africa as priority markets for potential expansion "subject to feasibility and review" — meaning offshore expansion beyond ANZ had not yet commenced.

Financial Performance

Propel Funeral Partners Limited (ASX:PFP)

Total funeral volumes rose 1.1% for the year, even though comparable volumes were around 2% below the prior year, a gap explained by new locations added during the year. Average revenue per funeral growth was reported at over 3% in July 2026, an early FY27 indicator, while management also flagged a "material contraction" in industry-wide death volumes that same month — a reminder of how volatile monthly volumes can be against an otherwise favourable demographic trend.

Propel's roll-up continued through FY26. In the first half it acquired Jones & Co Funeral Services and Broadway Funeral Home in Tauranga/Matamata, New Zealand (November 2025) and Jacobsen Headstones, an Auckland memorial manufacturer (December 2025), plus four freehold properties for about A$6.2 million. More recently it announced further New Zealand acquisitions — Evans Funeral Services (Gisborne, with a cremation facility), Leishman Funeral Services (Balclutha) and Collingwood Funeral Home (Rotorua) — adding an estimated A$4.0 million of revenue and 700-plus funerals annually, for consideration of up to about A$9.1 million, with completion flagged for the fourth quarter of FY26 or first quarter of FY27. Fraser Henderson and Lilli Rayner were appointed co-CEOs from 1 September 2025, and Naomi Edwards became Chair in November 2025.

Shine Justice Ltd (ASX:SHJ)

For FY2026 (year ended 30 June 2026), Shine reported statutory revenue of A$209.2 million (up 2.3%) and statutory NPAT of A$6.7 million, up from A$0.1 million in FY25. Excluding a A$13 million legacy charge on a historical class action matter (A$11.2 million revenue constraint plus A$1.8 million disbursement impairment), adjusted revenue was A$220.4 million (up 7.8%), adjusted EBITDA was A$44.7 million (up 13.7%) and adjusted NPAT was A$15.8 million (up 62.9%), with adjusted basic EPS of 11.19 cents. Personal injury generated revenue of A$180.9 million and EBITDA of A$36.6 million (up 18.4%), with over 5,900 new files opened and an estimated 8.5% market share. Class actions delivered adjusted revenue of A$39.4 million and adjusted EBITDA of A$8.2 million (up 6.5%), with 26 active matters and over A$290 million in in-principle settlements, including the Colonial First State (A$140 million) and QSuper (A$67 million) settlements.

Cash conversion remains a long-standing area of scrutiny for Shine given its WIP-heavy balance sheet. Operating cash flow was broadly stable at A$19.0 million in FY26 versus A$19.5 million in FY25, while net WIP rose to A$366.6 million — management itself acknowledged "room for improvement" in converting the pipeline into billed fees and cash. For FY27, Shine has guided to personal injury revenue growth of approximately 8%, subject to file-acquisition pace, alongside plans to lift class-action filing velocity; technology-driven efficiency benefits are not expected until FY28.

SkinKandy Limited (ASX:SK1)

FY2026 (year ended 30 June 2026) was SkinKandy's first full financial year as a listed company, reported against its IPO prospectus forecasts. On a pro forma basis, revenue was A$90.2 million (up 29%) and pro forma EBITDA was A$24.6 million (up 41%, around 5% ahead of the A$23.4 million forecast); pro forma net profit was A$9 million, also about 5% ahead of forecast. Statutory net profit was A$600,000, after A$11.1 million of IPO-related costs, exceeding a forecast statutory loss of around A$200,000. Underlying EPS was 9.33 cents, up from 6.75 cents. Total sales beat guidance by around 2%, like-for-like growth was 9.6% (versus 8.1% guided), cost of doing business improved to 61.9% of sales (from 62.8% forecast), gross Margin held at 89.2%, and cash conversion strengthened to 101% of EBITDA (from 92% in FY25) — a maiden listed-year result that met or modestly beat IPO targets, rather than missing them.

SkinKandy held net cash of A$13.8 million at 30 June 2026, with no drawn debt. As noted above, no post-listing Dividend has been declared as at the cut-off date.

Sector Context

The companies serve different parts of the consumer economy, so their revenue and cost structures are not directly interchangeable. Contract duration, recurring income, customer concentration, Capital Expenditure and acquisition accounting can materially change how headline growth appears in each set of accounts.

A useful comparison therefore starts with the source of revenue and the cash required to support it. Reported guidance remains conditional on management execution, customer activity and the timing of announced projects or integrations.

Risks to Consider

Propel Funeral Partners Limited (ASX:PFP)

Execution against announced programs, customer concentration and cost control remain the main variables to monitor.

Shine Justice Ltd (ASX:SHJ)

The central uncertainties concern delivery timing, margin discipline and whether expected project or acquisition benefits emerge as planned.

SkinKandy Limited (ASX:SK1)

Future results may be affected by customer activity, integration demands, funding requirements and changes in the company’s operating mix.

What to Watch Next

How to Read the Current Position

The clearest assessment will come from subsequent company reporting. Revenue should be read alongside margins and cash flow, while acquisition-led growth should be distinguished from organic activity. Guidance and longer-term targets are company objectives rather than assured outcomes.