KEY POINTS:
NZX-listed Ryman Healthcare has confirmed it expects underlying profit to jump 20 per cent this year.
Chairman David Kerr told the annual meeting in Christchurch yesterday that Ryman had kept its promise to double the building rate to 300 retirement village units and 100 care beds each year.
Ryman, which provides homes and care services to more than 3000 people, was well positioned to continue this growth rate, Kerr said.
"Our landbank is in great shape. We have the capacity to build a further 1800 units or beds, which amounts to more than four years' stock at our current rate of growth."
The retirement village operator posted a record net profit of $41.6 million for the previous financial year ending March 31.
The company would report the current year under International Financial Reporting Standards, which was likely to result in higher profits, Kerr said.
"We are committed to our strategy of organic growth, developing uniquely Ryman villages on greenfields sites throughout New Zealand. We are experiencing strong demand for our product and we are very excited about our prospects."
Ryman said it planned to open new retirement villages in Nelson, Orewa, New Plymouth, Dunedin and Gisborne.
Shares closed up 5c yesterday at $2.09.
