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Ryman reports record $11.1m half yearly profit

Ryman reports record $11.1m half yearly profit

Listed retirement village operator Ryman Healthcare today posted a record half yearly net profit of $11.1 million – up 32 percent on last year.

Ryman reported operating cash flows of $30.3 million (up from $28 million) and total revenue reached $57.4 million (up from $50 million) in the six months to September 30.

The interim dividend rose from 4c to 5c a share which is a reflection of growth in earnings.

Managing director Kevin Hickman said the solid result was driven by the growth in the group’s retirement village assets and a buoyant property market.

``Our latest result mirrors the strong property market and we plan to continue rapid growth, in line with our target of increasing our profits at the rate of 15 percent per annum. ``We are into construction in Auckland, Hamilton, Napier, Wellington and Invercargill and we have new developments planned to start next year in Wanganui, Lower Hutt and Christchurch.

``That’s a clear indication of the scale of our growth,’’ Mr Hickman said.

Ryman has a landbank sufficient to provide a further 1300 new beds or retirement village units which will fuel development over the next four years.

The Christchurch-based company posted a record net annual surplus of $18.4 million in the year to March 31, up 20 percent on the previous year.

Ryman has villages, resthomes and hospitals in Invercargill, Dunedin, Christchurch, Wellington, Lower Hutt, Napier, Hamilton and Auckland.

The company’s latest village, the Princess Alexandra retirement village in Napier, has been warmly welcomed by the local community. The company provides homes and care services to more than 2300 New Zealanders, employing more than 1300 staff. Ends

Copyright 2004 Word of Mouth Media NZ

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