Ryman reports record half yearly profit

Ryman reports record half yearly profit

Listed retirement village operator Ryman Healthcare today posted a record half yearly net profit of $8.4 million – up 10 percent on last year.

Ryman reported operating cash flows of $28 million and total revenue rose 16 percent for the year to September 30.

Chairman David Kerr said there was a significant lift in contribution from ongoing earnings.

Ryman was included in the NZX50 in September following a successful placement of $48 million of shares.

The company was recently named a finalist along with Vodafone and Sky Tv in the Top 200 Awards in the best growth strategy section.

In the current financial period, the leading village operator opened two new hospitals – at Rita Angus in Wellington and Shona McFarlane in Lower Hutt.

Major extensions were completed to the resthome / hospital at Grace Joel where 64 beds were added. Construction work of a new village has started in Napier.

Dr Kerr said he anticipated group earnings would be maintained in second half of the financial year.

``The results for the first half confirm that ongoing earnings have certainly lifted. The group is currently performing to our expectations,’’ he said.

He said the first six months for the 2003-04 year was very satisfactory.

Ryman operates 12 retirement villages from Auckland to Invercargill.

Focus for further development continues to be on North Island centres. Ryman provide homes and care services to more than 2000 New Zealanders, employing more than 1000 staff. The company is the leading retirement village operator in New Zealand on profitability.

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