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


Summerset lifts 4Q sales by 50%, annual sales top 400

Summerset lifts fourth-quarter sales by 50%, annual sales top 400

Jan. 8 (BusinessDesk) – Summerset Group, whose shares have made more than three times the gains of the NZX 50 Index in the past 12 months, said sales of occupation rights jumped 50 percent in the fourth quarter from a year earlier.

The retirement village operator had 60 new sales and 51 resales in the final three months of 2013, up from 43 and 31 sales respectively a year earlier.

Sales in the year rose 21 percent to 402, made up of 228 new and 174 resales, the first time annual sales have topped 400. Annual gross cash from sales rose to $131 million from $102 million in 2012.

Summerset shares last trade at $3.44 and have advanced 52 percent in the past 12 months compared to a 16.5 percent gain for the NZX 50. The stock is rated a ‘buy’ based on the consensus of five analysts polled by Reuters, with a median price target of $3.55.

Listed retirement village operators have been one of the best-performing sectors on the bourse in the past year as they pursue growth by developing new sites and benefit from the demographics of an aging population.

Ryman Healthcare has surged 65 percent in the past 12 months and is now rated ‘hold’ and Metlifecare is up 31 percent and still has a ‘buy’ rating.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news