Friday 28th May 2021
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Radius Residential Care Limited today announced its FY2021 annual results for the 12 months to 31 March 2021.
Executive Chairman Brien Cree commented “The result for FY2021 signals the best year ever for the company and demonstrates continued strong growth of the business. In 2003 Radius Care started with one 54 bed aged care facility. We now have 22 aged care facilities across New Zealand with more than 1,700 care beds and two retirement villages comprising 76 units. This is our first annual result as a listed company and I’m pleased to report it’s been a record year, despite the incredible challenges COVID-19 has presented”.
Radius Care listed on the NZX on 10 December 2020. Radius Care is a specialist aged care and retirement village provider. Radius Care’s aged care business is primarily focused on the high acuity and specialist care segments of the market (being hospital, dementia, psychogeriatric, physical and intellectual care).
Chief Executive Stuart Bilbrough commented “We’re delighted with the strong result and with all key FY2021 guidance metrics in line or better than those set out in our Listing Profile released at the time of Radius Care’s NZX listing. The FY2021 financial year was one that presented unparalleled uncertainty. COVID-19 saw us lock down all our facilities ahead of the nationwide move to Level 4. It was a move that had been practised as part of our risk mitigation procedures however, like many businesses, a nationwide facility lockdown was unprecedented. The Radius Care team across New Zealand worked together incredibly well to bring the company through without incident. I’m very proud of their contribution and commitment and their role in delivering such a strong result.”
Radius Care’s dividend policy is to target a cash dividend payout ratio of 50% to 70% of full financial year AFFO with an interim dividend to be paid in December and a final dividend to be paid in June of each year. Each dividend is targeted to comprise of approximately half of the expected full year dividend.
Guidance for the 12 months to 31 March 2022
- FY2022 Underlying EBITDA of $23.5m to $25.5m
- FY2022 Pre-NZ IFRS 16 Underlying EBITDA of $10.5m to $12.5m
- FY2022 AFFO of $3.7m to $4.7m
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