Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Further growth for Ryman after record year

Further growth for Ryman after record year

Listed retirement village operator Ryman Healthcare today forecast further growth in the next year after posting a record $15.3 million annual net profit in 2003.

Chairman David Kerr told Ryman’s annual meeting in Christchurch today they had budgeted for ‘’steady earnings growth in the 2004 financial year’’.

``The results for the first quarter confirm that ongoing earnings have certainly lifted. The group is currently performing to our expectations.’’ Analysts have tipped Ryman to join the NZSX50 later next month. Ryman sit around No.34 in the market on capitalisation. ``We now have over 85 percent of the company’s shares being held by shareholders other than those you might call cornerstone shareholders and we are now seeing daily share trading in the order of 100,000 per day.’’ He said the record 2003 financial year to March 31 was very satisfactory for the company. As well as the $15.3 million (38 percent increase) net profit, revenue increased by 53 percent compared to last year with revenue totalling $94.3 million. The revenue gain came on a 52 per cent increase in sales.

Ryman managing director Kevin Hickman said a change in government funding will improve care for elderly in New Zealand.

On the October 1 the government will devolve the funding of aged care from the Ministry of Health to the 21 district health boards.

``We believe this will create further opportunity for Ryman as one of the most efficient providers of long stay resthome and hospital care,’’ he said. Ryman operates 12 retirement villages and has won approval to construct the company's largest village, next to the Remuera golf course, in Auckland. A new site has also been acquired in Napier. Construction work will be seen on these sites next year. Focus for further development continues to be on North Island centres. Ryman provide homes and care services to more than 2000 New Zealanders, employing more than 1000 staff. The company is the leading retirement village operator in New Zealand on profitability. Already 10 villages have passed the Ministry of Health new quality certification process which is an outstanding achievement, Dr Kerr said.

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news