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'Boom is coming'

By Duncan Bridgeman

Friday 2nd May 2003

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Retirement village operator Metlifecare says it is well placed to cash in on an upcoming demographic boom, having completed a two-year review of its business.

Chairman Peter Fitzsimmons told shareholders at yesterday's annual meeting the company had improved its operational facilities and was in a good position to take advantage of an aging population.

Changing demographics have been trumpeted by the industry for a while but the idea has failed to arouse interest from investors.

Metlifecare has been one of the better-performing companies in the industry though, reporting a net profit of $10.4 million for the year to December 2002, up from $7.2 million for the previous year.

At presstime yesterday, Metlifecare's shares' last trade was $1.18.

Last year the company sold its Epsom and Browns Bay facilities in Auckland and acquired new development opportunities in Takapuna.

No dividend was announced yesterday.

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