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


Ryman Healthcare first-half profit rises 15% to record

Ryman Healthcare first-half profit rises 15% to record as fee income jumps

Nov. 15 (BusinessDesk) – Ryman Healthcare, the retirement village operator whose shares jumped 51 percent this year, posted a 15 percent gain in first-half profit and bumped up its dividend as fee income grew.

Profit rose to $68.8 million, or 13.8 cents a share, in the six months ended Sept. 30, from $59.6 million, or 11.9 cents a year earlier, the Christchurch-based company said in a statement. Revenue rose 19 percent to $87.9 million.

Ryman’s total retirement village units and care beds rose to 5,882 in the first half, from 5,107 a year earlier and it has another 2,295 units equivalent to be developed. In the latest period it completed its Diana Isaac Retirement Village in Christchurch. The company also gained approvals to build its first village in Melbourne.

“We are trading well and we’re on track to achieve our target 15 percent underlying profit growth for the full year,” said chairman 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 will pay a first-half dividend of 4.6 cents a share, up 18 percent from a year earlier. The shares last traded at $4.08 and reached a record $4.16 in September. The shares are rated ‘outperform’ based on a Reuters survey of seven analysts, with a price target of $4.09.

In the first half, care fees rose 19 percent to $71.8 million and management fees climbed 19 percent to $15.7 million. Operating expenses rose 17.6 percent to $64 million.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news