Australia’s largest funerals and crematoria operator, InvoCare, had more than $170 million wiped off its sharemarket capitalisation on Monday after rocky financial markets, higher coffin costs and a labour shortage pushed it to a loss last year.

This was despite a rebound in revenue from full-service funerals after the removal of COVID-19 pandemic gathering restrictions. Analysts suggest it had been losing market share after being unable to service all the renewed demand.