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- Release Date: 30/04/13 15:00
- Summary: GENERAL: SUM: Summerset on Track for Growth
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SUM
30/04/2013 13:00
GENERAL
REL: 1300 HRS Summerset Group Holdings Limited
GENERAL: SUM: Summerset on Track for Growth
NZX AND MEDIA RELEASE
30 APRIL 2013
SUMMERSET ON TRACK FOR GROWTH
Retirement village developer Summerset today confirmed at its Annual Meeting
that it is well on track to deliver 200 units this year. In addition,
Summerset is confident of achieving its medium term target of 300 retirement
units per annum from 2015, an 18% annual growth on its current portfolio.
In her speech to shareholders at Summerset's Annual Meeting in Wellington,
CEO Norah Barlow said that 2012 was a positive year for Summerset, in which
the business met its performance objectives and built the foundations for
future growth.
"Summerset's underlying profit of $15.2 million for the year to 31 December
2012 is nearly double the 2011 result and 56% above the IPO forecast. Our net
profit after tax for the year ending 31 December 2012 increased 243% compared
to a year earlier. Total sales of occupation rights surpassed $100 million
for the year - a first for Summerset.
"2012 has marked a year of accelerated growth for the company. In the past
year we have made great strides in preparing the business to meet future
demand.
CEO Norah Barlow said the company has a solid base to meet future growth
across New Zealand, illustrated by development being well underway at five
sites - Warkworth, Hastings, Nelson, Hamilton and Dunedin. The company's
newest village in Katikati is also completing its first homes this year.
"In 2013 Summerset is on track to deliver more than 200 retirement units and
about 70 more care beds."
The company has a further four sites in various stages of resource consenting
or early planning. These are in Hobsonville, Karaka, Ellerslie and Lower
Hutt, its 20th village, giving Summerset a total land bank of 1,400
retirement village units and more than 400 care beds.
The company recently reported that it had outperformed its listing forecast
figures in all key areas for 2012. The growth in the business was reflected
in Summerset stock reaching the NZX 50 Index.
In its first full year listed on the NZX, Summerset declared and paid a first
dividend to shareholders of 2.5 cents per share. The total dividend was $5.4
million, 25% higher than indicated in the IPO forecast.
ENDS
For investor enquiries:
Julian Cook
Chief Financial Officer
[email protected]
04 894 7310 or 029 894 7310
For media enquiries:
Tristan Saunders
General Manager, Sales and Marketing
04 894 7313 or 029 894 7313
End CA:00235665 For:SUM Type:GENERAL Time:2013-04-30 13:00:01
