Ryman Healthcare rallies 2pc on record profit

Listed retirement home operator Ryman Healthcare yesterday reported a 54 per cent rise in its first-half profit.

The company posted a $17.1 million profit in the six months to September 30 - a new record - and said it expected to match that performance in the second half.

That saw Ryman's share price jump 10c, or 2 per cent, to $5.05.

Chairman David Kerr said the record profit reflected a "substantial lift" in the company's earnings capacity, as it strongly expanded its portfolio of retirement units.

Revenues rose 18 per cent to $68 million, due largely to strong growth in the sale of occupation rights to retirement village units.

Ryman will pay an interim dividend of 8c on December 9.

Managing director Kevin Hickman said Ryman was on target to build more than 250 retirement village units a year.

The landbank was sufficient to build 1200 new beds or retirement village units.

The company was also looking at new sites to drive the expansion.

- NZPA