Healthy profits from retirement villages

Retirement village operator Ryman Healthcare today posted a record March year net profit of $23.5 million, up 28 per cent on the previous year.

A final dividend of 6.5 cents per share will be paid on June 24, bringing the company's total annual dividend to 11.5cps, up from 9cps last year.

Annual turnover rose 11 per cent to $121 million.

Ryman managing director Kevin Hickman said in a statement the company was looking at further expansion of its retirement village portfolio.

"Our construction capacity has increased significantly and we have employed key staff. We are currently building in Auckland, Hamilton, Napier, Wanganui, Lower Hutt and Invercargill," he said in a statement.

Ryman currently owns 1203 retirement units and 1077 resthome/hospital beds with land to develop a further 866 units and 391 beds.

During the year Ryman opened the new Princess Alexandra retirement village site in Napier, the 13th village in the company's stable of retirement villages.

Their other 12 villages, resthomes and hospitals are in Invercargill, Dunedin, Christchurch, Wellington, Lower Hutt, Hamilton and Auckland.

Shares in the company were unchanged at $3.53 in early trading today, having ranged between $2.26 and $3.94 over the past 12 months.

- NZPA