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

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news