Ryman Healthcare lifts underlying profit 17%

Thursday 19th May 2011

Aged care and retirement village operator Ryman Healthcare reported a 17% rise in full year underlying profit to $72 million, as demand for its services continues to increase.

Ryman chairman David Kerr said the performance reinforced the defensive nature of the company's trading activities and reflected its reputation for looking after its residents.

Revenue for the year to the end of March rose 18.2% to $129.7 million, while operating expenses were up 17.5% to $93.6 million.

Bottomline profit, boosted by unrealised valuation gains of $30.7 million, rose 27.7% from the previous year to $100.2 million. A final dividend of 3.8c per share is to be paid, taking the annual dividend to 7.2cps, 18% ahead of last year.

Ryman recently increased to 550 the number of units or beds it plans to build in this country each year to meet growing demand.

Dr Kerr said the company had met its target for new building in the latest year, which had boosted new sales by 50% and allowed Ryman to beat its medium term target of 15% growth in underlying profit.

Ryman owns 22 villages around the country, and is looking for a site for its first village in Australia.

NZPA

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