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Ryman posts record half year profit  - up 16%

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Ryman Healthcare today announced an underlying profit of $48 million for the first half - a new record for the company and up 16% on last year.   Unrealised valuation gains lifted the reported profit after tax to $69 million.

“It’s a terrific result,” said Ryman chairman Dr David Kerr.  “We’ve invested heavily in new aged care and retirement communities over the past 18 months, and we are seeing some reward for that commitment.”

Ryman shareholders will receive an 18% lift in their interim dividend.  The dividend of 4.6 cents per share will be paid on December 7, with the record date for entitlements being November 30.

The most notable project completed in the half was the Diana Isaac Retirement Village in Christchurch, which was designed and built post quake.

Sales of occupation rights lifted 15% to 447 units, and the company opened 226 new resthome, hospital and dementia rooms in the six months under review.  

Operating cashflows were also at record levels with $109 million generated for the half, and the balance sheet received a boost - shareholders equity lifted 7% to $691 million.

“We are trading well and we’re on track to achieve our target of 15% underlying profit growth for the full year.”

In May the company marked a milestone of ten consecutive years of record profit results.   The company also announced that it had lifted its build rate to 700 retirement units and aged care beds per annum, in response to the strong demand for its villages.

Ryman has new villages planned for Waikanae, Howick and Melbourne, and recently announced plans to develop a new village in Petone.

“We are delighted to have received planning approval for our first Melbourne village,” said Dr Kerr, “and you can expect to see building works under way early in the New Year.”

The company remains committed to investing in aged care and retirement communities in New Zealand.

The NZ Government has recognised the need for an additional 12,000 – 20,000 aged care beds to meet the projected growth in demand over the next 15 years.

Statistics NZ estimates the number of New Zealanders aged 75 plus will more than double from 250,000 to 516,000 over the next twenty years.  In Australia the outlook is similar, with the number aged 75 plus set to double to 2.8 million.

Established in 1984 Ryman currently owns 25 villages nationwide, which each offer a combination of retirement living and aged care, and serves over 6,500 residents.

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