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

 

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Science Media Centre: Viral Science And Another 'Big Dry'?

"Potentially, if there is no significant rainfall for the next month or so, we could be heading into one of the worst nation-wide droughts we’ve seen for some time," warns NIWA principal climate scientist Dr Andrew Tait. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news