RYM
31/07/2012 14:05
GENERAL
REL: 1405 HRS Ryman Healthcare Limited
GENERAL: RYM: New Ryman village for Petone
New Ryman village for Petone
Ryman Healthcare announced to shareholders at today's Annual Meeting that its
28th village will be in Petone.
The 3.3 hectare site in Petone, which was once the Petone High School, will
be developed into a Ryman retirement village offering the full continuum of
care.
"Its a magnificent site for a village, on the flat overlooking the Hutt River
and surrounded by reserves on three sides, including Sladden Park," reported
Ryman chairman Dr David Kerr. "The residents will enjoy wonderful vistas in
every direction - to the Western and Eastern hills of the Hutt, to the
Tararuas in the north and across Wellington harbour to the city."
Lower Hutt is currently underserviced by retirement villages and aged care
facilities, relative to other cities around New Zealand, and has a growing
retired population.
The company recently reported an underlying profit of $84 million for the
last financial year, and marked a milestone of ten years in succession of
record profit results.
"We have reviewed the first quarters trading, and I'm pleased to advise that
we are trading well, and ahead of last year" said Dr Kerr.
The company announced this year that it had lifted its build rate to 700
retirement units and aged care beds per annum, in response to the strong
demand that it is experiencing for its villages.
"Adding the Petone village has lifted the landbank to over 2500 units and
beds, however we are still on the hunt for sites in New Zealand."
Shareholders also heard that the company expects to start building its
Melbourne village in the next few months.
The NZ Government has recognised the need for an additional 12,000 - 20,000
aged care beds to meet the projected growth in demand over the next 15 years.
Statistics NZ estimates the number of New Zealanders aged 75 plus will more
than double from 250,000 to 516,000 over the next twenty years. In Australia
the outlook is similar, with the number aged 75 plus set to double to 2.8
million.
Established in 1984 Ryman currently owns 24 villages nationwide, which each
offer a combination of retirement living and aged care, and serves over 6000
residents.
Ends
Media advisory: For further information, photos, interviews or comment please
contact Ryman chairman Dr David Kerr on 021 362 403, or Ryman managing
director Simon Challies on 03 3664069 or 0274 968 762
End CA:00225501 For:RYM Type:GENERAL Time:2012-07-31 14:05:30
