Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
BUSINESSDESK: Retirement village builder and operator Ryman Healthcare says first quarter trading is ahead of last year and it plans to build its 28th retirement village in Petone in the Hutt Valley.
“We have reviewed the first quarter's trading and I'm pleased to advise that we are trading well and ahead of last year,” chairman Dr David Kerr told the annual shareholders' meeting.
The company reported a record underlying net profit of $84 million for the year ended March 31, up 17%, and unrealised valuation gains boosted the bottom line to $121 million.
Ryman is building 700 retirement units and aged care beds a year.
Mr Kerr says the new 3.3ha site which was once the Petone High School will be developed into a village providing the full continuum of care from independent and services apartments to resthome, hospital and dementia care facilities.
“It's a magnificent site for a village on the flat overlooking the Hutt River and surrounded by reserves on three sides, including Sladden Park.
“The residents will enjoy wonderful vistas in every direction – to the Western and Eastern hills of the Hutt to the Tararuas in the north and across Wellington Harbour to the city,” he said.
Lower Hutt is under-serviced by aged-care facilities relative to other New Zealand cities and has a growing retired population, the company said.
“The New Zealand government has recognised the need for an additional 12,000 to 20,000 care beds to meet the projected growth in demand over the next 15 years,” it said.
Ryman operates 24 villages nationwide and expects to start building a Melbourne village in the next few months.
Its shares are up 0.89% to $3.63, just below their recent record $3.65 and well above the $2.38 year low in September last year.