Ryman expects good result

By Chris Hutching

Friday 16th August 2002

Watch out for Ryman Healthcare's upcoming half-year result because it will be a cracker.

That was the message at the annual meeting in Christchurch midweek when managing director Kevin Hickman told shareholders the upcoming result would be the best yet.

When asked by a shareholder why the share price had fallen from $2.15 a year ago to $1.60 early this week, Mr Hickman said the market perception was a hangover from disappointing results last year when after tax-profit was down 21% at $11 million on turnover of $61 million.

His comments may have done the trick because by late yesterday the price had lifted to $1.70.

But the more likely reason for the recent share price dip was that a tranche of shares representing about 1% of the capital has been sold in recent weeks.

Directors John Ryder and Kevin Hickman own 19% stakes each, Ngai Tahu has 20% and so does Emerald Capital, with Armstrong Jones Ing owning 2.5%.

The rebound in company fortunes comes partly from "overwhelming" sales at the company's Hilda Ross retirement village in Hamilton, while sales at the Grace Joel village in St Heliers, Auckland, have also been strong.

Founder director Mr Ryder has stepped aside as joint managing director and has accepted the appointment to the non-executive deputy chairman position.

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