Ryman Healthcare posts 18pc rise in annual profit

Ryman Healthcare said today its March year net profit rose 18 per cent to $41.6 million and it was on track to grow earnings 20 per cent in the 2007/8 year.

It announced a final dividend of 2.2c per share to be paid on June 22. That was up from 1.8 cents last year and lifted the total dividend to 4 cents per share.

It said operating cashflow rose 32 per cent to $73m for the year and turnover lifted 33 per cent to $190m. Shareholders equity rose 18 per cent to $289m.

Chairman David Kerr said the retirement village operator was very pleased to have exceeded its 15 per cent annual earnings growth target for the fifth consecutive year.

"We are well positioned to achieve our growth aspirations," he said.

"We believe we are on target to achieve earnings growth of 20 per cent in the year ahead."

He said Ryman, which operates 16 villages, was building three new villages and was planning four more.

It said it "landbank" was sufficient to build over 1700 new beds or retirement village units.

Ryman development manager Ray Versey was stepping down from fulltime responsibilities but would continue to work as a consultant.

The pretax operating profit rose 18 per cent to $41.6m. No tax was provided for.

Earnings per share rose 8.3cps from 7.0c.

Ryman shares have risen from $1.47 a year ago to $2.54 at yesterday's close.

- NZPA