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

 

Ryman posts another record net surplus

Media Release – May 20, 2004

Ryman posts another record net surplus

Leading New Zealand retirement village operator Ryman Healthcare today posted a record net surplus of $18.4 million, 20 percent up on last year.

Ryman increased its annual dividend to shareholders from 7.5c to 9c as a result of a strong financial year.

``We have experienced five years of rapid growth since floating on the stock exchange by continually expanding our portfolio of retirement villages,’’ managing director Kevin Hickman said today.

Ryman posted a $6 million surplus when it listed five years ago and the profit has grown three-fold in that time. Over the same period dividends have also grown from 2.5c to 9.0c a share.

``We are very happy with our expansion path and we are committed to sustaining a high level of growth,’’ Mr Hickman said.

For the first time, Ryman went beyond $100 million in turnover, compared with $31 million when it listed five years ago.

Net operating cashflows for the latest financial year stands at $50 million while net assets grew to $147 million. With a debt to assets ratio of 25 percent the company is well positioned to fund future expansion.

Ryman announced today the conditional purchase of a new site in Christchurch. Further details will be made available at a later date.

Ryman recently announced the purchase of the old Sacred Heart College site in Wanganui and it is well into construction at the Princess Alexandra village site in Napier, which is scheduled to open in September.

The $20 million Princess Alexandra village will include 24-hour nursing facilities and will provide homes for 150 elderly people, create 50 new jobs and will be the 13th village in the listed company’s stable of retirement villages.

Ryman’s 12 villages, resthomes and hospitals are situated in Invercargill, Dunedin, Christchurch, Wellington, Lower Hutt, Hamilton and Auckland.

Site works are under way at what will become the company’s largest village, next to the Remuera golf course in Auckland.

Ryman is well placed to maintain its earnings growth as latest Statistics New Zealand figures show the number of people over 65 years growing from 450,000 in 2001 to 924,000 by 2026.

This will significantly increase the demand for Ryman’s facilities and services.

The final dividend of 5.0c will be paid on June 25 and the record date for entitlements is June 11.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>