Ryman announces record annual net profit of $15.3 million

Wednesday 28th May 2003

Leading New Zealand retirement village operator Ryman Healthcare today posted a record net profit after tax of $15.3 million, up $4 million from last year.

Ryman recorded an annual dividend to shareholders of 7.5c, a 34 percent increase on the previous period.

The final dividend of 4.5c will be paid on June 27. There are no imputation credits attached to the dividend and the record date for entitlements is June 13.

The company now owns 12 retirement villages which produced a net operating cashflow of $39.7 million in the year to March 31, up $3 million on last year.

Ryman's net assets per share rose 12c to $1.24.

The highlight of the record financial year was the opening of the luxury Grace Joel village at St Heliers in Auckland.

Ryman has been given the green light to construct the company's largest village next to the Remuera golf course in Auckland. A new site has also been acquired in Napier.

Four new hospital facilities were opened in Kilbirnie, Lower Hutt, Invercargill and St Heliers.

Ryman provided homes and care services to over 2000 New Zealanders, employing over 1000 staff.

Managing director Kevin Hickman said 2002-03 had been an excellent year and has provided the company with a strong platform for future growth.

"Grace Joel has been a huge success. We have also begun preliminary work at Napier and Remuera and we are quite optimistic about our future prospects."

The company is expecting steady earnings growth in the next year.

New Zealand's elderly population was increasing in number and demand for Ryman's facilities and services will only continue to grow.

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