Reported profit decreased 62.8 per cent to $257.83m because of lower revaluation gains on property and costs associated with the early repayment of US Private Placement notes following the capital raise.
Ryman told the market that debt gearing was 33.1 per cent, down from 45.3 per cent, and aged care occupancy improved to more than 96 per cent for mature villages.
Growth in unit resales offset softer new sales and Ryman is presently building 14 villages, nine in New Zealand and five in Australia. Ryman talked about a development pipeline of lower density villages with lower peak debt and improved cash flow profile.
Shane Solly, portfolio manager with Harbour Asset Management, said Ryman was executing its new strategy in a careful and measured way and it produced a solid annual result.
“Ryman is showing good momentum and this has helped sentiment in the retirement village sector. As we go through the reporting season and companies beat earnings expectations, like Serko and Ryman, it can only be positive for the market – just like we’ve seen in the United States,” he said.
Solly said Pushpay shareholders will be paid next week following the $1.6 billion takeover and some of that money should find its way back in the market.
Fellow retirement village operators Summerset Group increased 41c or 4.73 per cent to $9.07, and Arvida Group gained 3c or 2.59 per cent to $1.19.
Mainfreight rebounded $2.81 or 4.08 per cent to $71.70; Freightways added 19c or 2.08 per cent to $9.34; a2 Milk gained 12c or 2.12 per cent to $5.77; Contact Energy was up 10c to $8.10; and Fletcher Building continued its good run with a rise of 5c to $5.03.
Other gainers were Turners Automotive up 12c or 3.27 per cent to $3.79; Restaurant Brands increasing 23c or 3.54 per cent to $6.73; Pacific Edge rising 3.5c or 8.33 per cent to 45.5c; and Task Group up 2.5c or 5.75 per cent to 46c.
Scales Corp added 11c or 3.41 per cent to $3.34; Carbon Fund increased 4c or 2.34 per cent to $1.75; Marlin Global Fund was up 3c or 3.49 per cent to 89c; Napier Port collected 5c or 2.07 per cent to $2.46; and Rakon gained 3c or 3.06 per cent to $1.01.
My Food Bag Group was up 2.5c or 13.51 per cent to 21c after reporting a 60.8 per cent fall in net profit to $7.85m on revenue of $175.69m, down 9.4 per cent, for the 12 months ending March.
The meal kit company told the market that inflationary pressure on households and low consumer confidence resulted in subdued demand and “we have undertaken a reset of our business spanning our leadership, supply chain and brand positioning.”
My Food Bag delivered more than 15.8 million meals including its low-priced Bargain Box at an average order value of $130.11, up from $126.33 in the previous year.
The company which listed in March 2021 at $1.85 is planning to delist from the Australian ASX because of low daily trading volumes on the exchange and to reduce costs.
Ebos Group was down 40c to $43; PGG Wrightson decreased 7c to $4.31; and Foley Wines declined 4c or 3.05 per cent to $1.27.
Investore, which owns large retail buildings, was unchanged at $1.45 after reporting annual revenue of $60.25m, up 3.4 per cent, and a net loss of $150.2m because of a $185.2m reduction in the value of its$1.1 billion portfolio. It recorded gross profit of $35.2m.
Investore has a 99.5 per cent occupancy rate, net tangible assets per share of $1.84, down from $2.32, and is looking to sell $25m-$50m of non-core assets “to prudently position the balance sheet.”
NZ Windfarms gained 0.008c or 6.3per cent to 13.5c after announcing the fast-track consent to repower its Te Rere Hau wind farm in the Tararua Ranges has been granted.
Hallenstein Glasson’s group chief executive Stuart Duncan is stepping down on November 17, and its share price gained 3c to $6.03.
