Retirement village builder and operator Ryman Healthcare says first quarter trading is ahead of last year and it plans to build its 28th retirement village, in Petone in the Hutt Valley.
"We have reviewed the first quarter's trading and I'm pleased to advise that we are trading well and ahead of last year," chairman David Kerr told the annual shareholders' meeting.
The company reported a record underlying net profit of $84 million for the year ended March 31, up 17 per cent, and unrealised valuation gains boosted the bottom line to $121 million.
Ryman is currently building 700 retirement units and aged care beds a year.
Kerr said the new 3.3ha site which was once the Petone High School will be developed into a village providing the full continuum of care from independent and serviced apartments to rest-home, hospital and dementia care facilities.