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- Release Date: 21/08/12 10:33
- Summary: HALFYR: SUM: Financial results for the half year ended 30 June 2012
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SUM
21/08/2012 08:33
HALFYR
REL: 0833 HRS Summerset Group Holdings Limited
HALFYR: SUM: Financial results for the half year ended 30 June 2012
21 AUGUST 2012
SUMMERSET'S 2012 HALF YEAR RESULTS SHOW FURTHER GROWTH
Summerset Group Holdings Limited has announced its half year 2012 results,
showing continued growth across the company.
The retirement village developer and operator's net profit before tax for
half year 2012 was $3.7 million, up $4.7million on the first half 2011.
Underlying profit of $6.9 million for the half year 2012 was up 133% on the
same period in 2011. Its IPO forecast for full year 2012 is $9.7 million.
Managing director and CEO Norah Barlow said sales, a strengthening of the
company's in-house development and design capabilities, and higher
development margins were behind the results.
Total sales of occupation rights were up 73% on half year 2011. Sales of
occupation rights on new units more than doubled on the same period 2011.
"Sales are strong. Last year sales were the highest in the company's history.
We are on track to exceeding that record," Mrs Barlow said.
Over the half year, Summerset completed 68 new units across four developing
sites. Its full year target was 155 units.
"We have started building at our newest village in Dunedin and are in a good
position to reach our full year target," Mrs Barlow said.
"The company is in a robust position and the team has been working incredibly
hard over this half year. We are expecting to exceed IPO forecasts if trading
momentum continues. We will keep the market informed throughout the course of
the year.
"Our purchase of a waterfront site in Hobsonville, Auckland has been a
particular highlight over the previous six months. We are working toward
making more announcements on land purchases in the second half of the year."
The purchase of the company's 18th site at Hobsonville increased its land
bank to 1,234 retirement village units and more than 280 care beds.
Summerset's net profit after tax was $3.9 million, up $5.1 million on the
2011 half year.
Mrs Barlow said Summerset was working steadily toward its full year results.
"We are keeping our heads down and concentrating on the growth of the
company. From land acquisition to daily operations, Summerset is committed to
meeting demanding standards of quality and efficiency."
She said it was expected that the company's first dividend would be declared
following the full year 2012 results as stated during the IPO.
ENDS
End CA:00226217 For:SUM Type:HALFYR Time:2012-08-21 08:33:07
