Ryman Healthcare - which has doubled its asset base in the past four years - has booked a record half-year profit.
From its initial public offering in 1999, which raised $25 million, Ryman has gone on to spend $1.6 billion in expanding its portfolio, with its assets now valued beyond $3 billion.
Ryman shares were up slightly yesterday, at $8.20, following the announcement.
As if to underscore the strength in the retirement sector, newcomer Arvida Group yesterday announced its initial public offering, launched earlier this week, had raised the full $75 million; setting its shares at 95c, just below the top of the range at $1.
Arvida will integrate 17 separate villages under its umbrella, including 10 in the upper South Island, with a stock exchange listing date of December 18.
Ryman's total operating revenue rose 10%, from $99.57 million to $109.1 million, while underlying profit of $66.3 million was up 13% on last year; with unrealised valuation gains lifting the reported after-tax profit to $107.9 million.
Chairman Dr David Kerr said the result was driven by a lift in pricing and strong sales volumes of units as Ryman's village portfolio grew. He said the company was ''on target'' to achieve 15% growth for its full-year result.
''Ryman built a record 450 beds and units in the first half and the company's total assets had now passed the $3 billion mark, double the size of the asset base four years ago,'' Dr Kerr said.
Auckland would be Ryman's key focus with more than $800 million of work to be carried out during the next five years, Dr Kerr said.
Ryman's expansion into Australia continued to track ahead of projections, the company having opened its first Melbourne village and purchased a second Melbourne site
''Sales at our first village exceeded our expectations and that's given us the confidence to plan for more expansion. We're looking for more sites in Melbourne,'' Dr Kerr said.
