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

 


Summerset sales climb 33 percent, beating IPO forecast

Summerset annual sales climb 33 percent, beating IPO forecast

By Paul McBeth

Jan. 10 (BusinessDesk) - Summerset Group, the retirement village operator and developer which joined the NZX 50 index last month, has beaten its annual forecast for sales of occupation rights, which climbed 33 percent from 2011.

The Wellington-based group sold 331 occupation rights for more than $100 million to village residents in the 2012 calendar year, from 231 sales and resales a year earlier. That means it beat its initial public offer forecast by 28 percent, the company said in a statement. Of that, 167 sales were new occupation rights, 25 percent ahead of expectations, and 164 were resales of existing rights, beating forecast by 32 percent.

"Summerset is continuing its strong growth. This week we opened our 15th village," chief executive Norah Barlow said. "We expect to be making further purchase and construction announcements through 2013."

Barlow has previously said the retirement village group expects to beat its IPO forecast net profit of $13.3 million and underlying earnings of $9.7 million in 2012.

Shares in Summerset rose 0.4 percent to $2.26 yesterday, and have climbed 61 percent from its $1.40 offer price when Australia's Quadrant Private Equity sold down its stake in the company and raised $50 million of new equity.

The stock is rated an average 'outperform' based on four analyst recommendations compiled by Reuters with a median target price of $2.08.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news