Metlifecare almost doubles bottom-line profit

Metlifecare CEO Alan Edwards said strong demand for both new stock and resales stock saw occupancy reach 97 per cent. Photo / Natalie Slade NZH 26Oct13 - CEO Alan Edwards.

Huge demand in the retirement sector propelled listed company Metlifecare to push up net profit after tax 78.3 per cent to make $122.7 million for the June 30, 2015 year.

The company now has total assets of $2.2 billion and chief executive Alan Edwards outlined reasons for the massive growth.

"This has been another successful year for Metlifecare. We have delivered on our core business and have built capacity and capability in our development team to provide a strong platform to increase development activity.

"Strong demand for both new stock and resales stock saw occupancy reach 97 per cent.

"Settlement of 490 occupation right agreements for FY15 was up 7per cent. The combined gross value of our sales and resales settlements increased by 12.3 per cent to $196.2 million.

"During the year we strengthened our Development Team and added capacity and capability with additional development managers, project managers and the design team effectively doubling the size of our team to 18 people.

"The growth in the team is to support our brownfield opportunities, construction sites and the development of the two new greenfield sites at Red Beach and Manukau," Edwards said.

Underlying profit, which removes non-cash items including unrealised valuation, increased 13.9 per cent to $52.4 million.

Edwards predicted the good times would continue.

"In FY16, we are anticipating a year of continued growth in the delivery rate of new units and care beds, continued consolidation of the development team resources, investment in maintaining our existing assets and further implementation of the employee value proposition."

See the full result here: