Summerset Group, the retirement village operator and developer which joined the NZX 50 index last month, has beaten its annual forecast for sales of occupation rights, which climbed 33 percent from 2011.
The Wellington-based group sold 331 occupation rights for more than $100 million to village residents in the 2012 calendar year, from 231 sales and resales a year earlier.
That means it beat its initial public offer forecast by 28 percent, the company says in a statement.
Of that, 167 sales were new occupation rights, 25 percent ahead of expectations and 164 were resales of existing rights, beating the forecast by 32 percent.
"Summerset is continuing its strong growth. This week we opened our 15th village," chief executive Norah Barlow says. "We expect to be making further purchase and construction announcements through 2013."
Ms Barlow has previously said the retirement village group expects to beat its IPO forecast net profit of $13.3 million and underlying earnings of $9.7 million in 2012.
Shares rose 0.4 percent to $2.26 yesterday and have climbed 61 percent from its $1.40 offer price when Australia's Quadrant Private Equity sold down its stake in the company and raised $50 million of new equity.
The stock is rated an average "outperform" based on four analyst recommendations compiled by Reuters with a median target price of $2.08.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Dairy farmers need to reconsider 'smart level' of debt, Feds dairy chairman Hoggard says
- Credit card spending has dived in UK post-Brexit: Mastercard exec
- Accountant pinged for unauthorised car payments, conflicts of interest
- Brexit aftermath: disdain, the elites, and the warning for conservative parties everywhere
- US Democrats vote not to oppose TPP
Most listened to
- NBR's Rob Hosking and John Shewan discuss the just released report
- Queenstown mayoral candidate Jim Boult talks up his chances
- Nathan Smith on the unsurprising US Democrat support of the TPP
- Mercer's Garry Adams sees upside in expats' cost of living drop
- What Australia needs now is stability, no more hopping around, says CPA CEO Alex Malley