Ryman boosts New Zealand landbank
30 July 2013
Ryman Healthcare has secured four new sites in New Zealand, boosting its landbank from three to four years stock, shareholders heard at today’s Annual Meeting.
“Our target for the year was to secure four new sites” said Ryman chairman, Dr David Kerr. “So I’m delighted to be able to report at this early stage that we have achieved this goal.”
In May, the company announced the purchase of a site in Birkenhead. The locations of the four new sites will be announced over the next three to four months.
Planning approval has been granted for the company’s new village in Howick. New villages for Petone and Birkenhead are in the planning phase. Shareholders also learnt that construction is well advanced on the first Melbourne village, and is on schedule for opening in April 2014.
The company recently reported an underlying profit of $100 million for the last financial year, up 19% on the prior year.
“We have reviewed the first quarter’s trading, and I’m pleased to advise that we are trading well, and ahead of last year” said Dr Kerr.
Thirty years of exceptional demographic growth lie ahead of the company.
Statistics NZ estimates the number of New Zealanders aged 75 plus will almost triple to 731,000 over the next thirty years. In Victoria the outlook is similar, with the number set to triple to 1.1 million.
Established in 1984, Ryman has become one of NZ’s largest listed companies. The company currently owns 26 villages and serves over 7,000 residents in New Zealand. Each village offers a combination of retirement living and aged care.