Ryman says first-quarter trading ahead of year earlier, meets company target
July 30 (BusinessDesk) - Ryman Healthcare, whose shares are sitting at a record high after climbing 56 percent this year, trading in the first quarter was in line with the retirement village operator’s target’s and ahead of the same period on 2012.
“We have reviewed the first quarter’s trading, and I’m pleased to advise that we are ahead of last year, and trading in line with our expectations” chairman David Kerr told shareholders at their annual meeting.
The shares edged up 0.7 percent to $7.13 on the NZX, matching the record high charted last week. The shares have climbed for more than 10 years in line with a decade of earnings growth. The stock is rated a ‘hold’ based on the consensus of six analysts surveyed by Reuters, having moved above the median target price of $6.60.
Kerr said the company is set to enjoy “30 years of exceptional demographic growth” given government forecasts are for the number of New Zealanders aged over 75 to almost triple to 731,000 over the next thirty years, with similar growth expected in the Australian state of Victoria, where its first Melbourne village is due to open in April 2014.