Summerset Group Holdings Ltd improved its underlying profit by 50% in 2016 to $56.6 million. Chief executive Julian Cook said growth on this measure had averaged 48%/year since the company listed in November 2011.
- Net profit after tax up 73% to $145.5 million
- $200 million invested into new & existing villages
- Total assets up 25% to $1.7 billion
- 658 total sales of occupation rights, up 14%
- 414 new sales of occupation rights, up 24%
- 409 new retirement units delivered, up 35%
- Final dividend of 5.1c/share
- Development margin of 22.2%, up from 20.0%
Mr Cook said the build rate target had been increased for 2017 from 400 last year to 450.
The company has over 4200 residents living at its 21 villages, 700 more than a year ago: “During 2016 we accomplished a number of milestones, including 658 new sales & resales of occupation rights, a 14% increase on the year before, and it is the sixth year in a row that we have increased our occupation rights sales.
“We also now have more than 1000 staff across the country, up 200 on the same time last year.
“The delivery of a record 409 retirement units across the country was in line with our 2016 build rate target of 400. We also delivered 121 care beds in 2016, bringing the number of care beds across our villages to 748.”
At the end of 2016, Summerset’s total land bank represented 2609 retirement units & 366 care beds, a total of around 6 years’ supply.
Attribution: Company release.