By ELLEN READ
Steady earnings growth and an increase in the number of retirement villages it operates has pushed Ryman Healthcare to a record annual profit for the year ending March 31.
The retirement village developer and operator yesterday reported a full year net profit after tax of $15.3 million, an increase of $4 million - 38 per cent - from the previous year.
The gain came on a 52 per cent increase in sales revenue to $93 million.
The company's final dividend of 4.5c a share, unimputed and payable on June 27, brings the annual dividend to 7.5 per cent, up from 5.6c per share the previous year.
Ryman Healthcare's managing director, Kevin Hickman, said the highlight of the year was the opening of the luxury Grace Joel village at St Heliers, in Auckland. "Grace Joel has been a huge success," Hickman said.
"We have also begun preliminary work at Napier and Remuera and we are optimistic about our future prospects."
The increase in the country's elderly population meant that demand for Ryman's facilities and services would only continue to grow, Hickman said.
Ryman - which operates 12 retirement villages - has won approval to construct the company's largest village, next to the Remuera golf course, in Auckland.
A new site has also been acquired in Napier.
Hickman said Ryman provided homes and care services to more than 2000 New Zealanders, employing more than 1000 staff.
Ryman Healthcare reaches record $15m profit
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