Ryman annual profits soar 42pc

Wakakura, Ngataringa Bay, Devonport. Ngati Whatua bought the land from the defence forces for $10m. It has now leased it to retirement village company Ryman Healthcare. Photo / NZ Herald

Retirement specialist Ryman Healthcare has pushed up net profit 42.5 per cent to make $194.8 million in the March 31 year, based on $203 million revenue (up 12 per cent) and $377 million total income (up 25 per cent).

The business has also responded to increase wage pressure and chairman Dr David Kerr announced staff pay changes today.

Wage rates for care staff have been increased along with training resources and overall staff numbers, his statement to the NZX said this morning.

Ryman shareholders will get a final dividend of 6.2cps on June 20, taking the annual total dividend to 11.8cps.

In the March year, it bought six new sites, extending its landbank to allow it to build more than 4000 beds and units.

See the Ryman results release to the NZX here:

Ryman now aims to be build rest homes and retirement village units for 850 beds by 2017.

Ryman's Bruce McLaren Retirement Village in Howick is due to open later this year, and work is due to start on a new village in Petone after resource consent was granted.

Planning consent has been lodged for a new village at Birkenhead and Ryman will also soon build a new village on a waterfront site above Ngataringa Bay between Devonport and Belmont on Auckland's North Shore.