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- Release Date: 24/04/12 15:00
- Summary: GENERAL: SUM: Summerset fast tracks new development
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SUM
24/04/2012 13:00
GENERAL
REL: 1300 HRS Summerset Group Holdings Limited
GENERAL: SUM: Summerset fast tracks new development
24 April 2012
Summerset fast tracks new development in light of annual results
Retirement village developer Summerset has announced almost $60 million worth
of new developments to shareholders at its first Annual Meeting as a listed
company.
The developments follow Summerset's release of its inaugural set of annual
results in February this year showing the company increased underlying profit
by 35% on forecast figures.
In her speech to shareholders at Te Raukura on Wellington's waterfront, CEO
Norah Barlow said Summerset had accelerated activity at its developing
villages.
"We have had a mandate to grow the business since we listed on the NZX at the
end of last year," Mrs Barlow said.
"This puts the company on track to meeting its target of 155 units in 2012."
The new building will take place in Summerset villages in Hamilton, Hastings,
Nelson and Warkworth.
At the meeting, Summerset Chairman Rob Campbell told shareholders the company
the 2012 year was looking positive.
"We are trading well and are in line with our forecasts," he said.
The company recently reported it out-performed its listing forecast figures
in all key areas, including an increase in operating cash flow of $43.7
million, up 14% on the IPO forecast.
Net tangible assets per share increased from 99.8 cents in 2010 to 109.3
cents in 2011.
Shareholders at the meeting were also told since the release of the annual
results, the company had added a new site at Hobsonville in Auckland to its
land bank of 1,052 units.
ENDS
For more information:
Harriet Palmer
Summerset Group Limited
04 894 6993 or 027 601 2001
or
Tristan Saunders
Summerset Group Limited
029 894 7313
End CA:00222150 For:SUM Type:GENERAL Time:2012-04-24 13:00:11
