Ryman Healthcare Ltd has lifted its underlying half-year profit (excluding revaluations) by 6.2% to $103 million, and expects an even stronger second half as it increases its build programme.
The company lifted its interim dividend to 11.5c, in line with underlying profit growth.
The retirement village owner, operator & developer said yesterday it had increased total assets by 17.4% to $17.26 billion in the 12 months to September, and it announced 2 additions to its development portfolio, its 11th village site in Melbourne and the other one in Christchurch.
Ryman is planning to build a $149 million village retirement village at the third Christchurch site it’s bought this year. This one, still requiring Overseas Investment Office approval, is a 12.9ha site on Main North Rd adjacent to the Northwood residential development, across the road from the Northwood Supa Centre & near the Styx River.
In Melbourne, the company has bought a 1.2ha site at Highett for a $180 million project.
The company owns & operates 36 retirement villages in New Zealand & Australia for 11,400 residents, with 5700 staff.
Highlights (September 2018 half-year in brackets):
Reported (IFRS) profit, which includes unrealised fair value gains on investment property, up 11.1% to $188.3 million
Unaudited underlying profit, up 6.2% driven by resales, to $103 million ($97.1 million)
Full-year underlying profit expected to be between $250-265 million, which would be a rise of 10-17%
Unrealised gains on retirement village units, $92.7 million ($72.8 million)
Operating cashflows, up 17.6% to $256.1 million ($217.8 million)
Total assets, up 17.4% to $7.26 billion, on September last year
Net tangible assets/share, up 11.6% to 452.5c (405.6c)
Earnings/share, basic & diluted, up 11.2% to 37.7c (33.9c)
Interim dividend, up 6.5% to 11.5c/share (10.8c)
Target in Victoria remains to have 5 villages open by the end of 2020
97% occupancy at established care centres
Only 1.6% of resale stock unsold at the end of September
Total occupation right sales, 683 (573) worth $395.5 million ($322.5 million), up 19.2% by volume, 22.6% by value
New sales, 229 (168) worth $160.7 million ($120.4 million), up 36.3% by volume, 33.5% by value
Resales, 454 (405) worth $234.8 million ($202.1 million), up 12.1% by volume, 16.2% by value.
Link: Ryman result full details – Ryman unaudited first half underlying profit $103m, up 6.2%
Attribution: Company release, half-year reports.