Ryman posts record $11.1m profit

1.00pm

Ryman Healthcare today posted a record $11.1 million net profit after tax for the six months to September, up from $8.4 million for the same period last year.

The listed resthome operator said the result was achieved on total operating revenue of $57.43m against $50.72m for the previous corresponding period.

The company said it will pay an unimputed interim dividend of 5c per share compared with 4c last year. The dividend increase was a reflection of the increase in the company's earnings it said in a statement to the NZX.

Ryman managing director Kevin Hickman said the solid result was driven by growth in the group's retirement village assets and a buoyant property market.

"We plan to continue rapid growth, in line with our target of increasing our profits at the rate of 15 per cent per annum," Mr Hickman said.

The company has construction projects underway in Auckland, Hamilton, Napier, Wellington and Invercargill, with more developments planned for next year in Wanganui, Lower Hutt and Christchurch.

Ryman has villages, resthomes and hospitals in Invercargill, Dunedin, Christchurch, Wellington, Lower Hutt, Napier, Hamilton and Auckland, providing homes and care services to more than 2300 people.

Ryman shares popped 7c higher on opening this morning to $3.30.

- NZPA