close
MENU
1 mins to read

Ryman Healthcare signals expansion into Australia

Ryman Healthcare Ltd is looking for a site for its first retirement village in Australia.

NZPA
Thu, 29 Jul 2010

Ryman Healthcare Ltd is looking for a site for its first retirement village in Australia.

Chairman David Kerr told shareholders at the annual meeting in Orewa today that an expansion into Australia was the next logical step for the company and that the Ryman model would be relatively unique in the Australian market.

"Shareholders can be reassured that we will be taking one step at a time, and that we will be very focused on getting the first village successfully established," he said.

Growth plans in New Zealand also remained intact, with plans to open at least 450 new units or rooms per annum to add to the existing portfolio of 4400 units or rooms.

"We are currently building on eight sites around New Zealand, and have announced two new site acquisitions this year in Christchurch and Tauranga," said Dr Kerr.

Ryman recently reported a record realised profit of $61 million, and lifted its annual dividend by 16 percent to 6.1 cents per share.

The company was ahead of last year in its first quarter.

"We are on track to achieve our medium term target of 15 percent growth in realised profits for the full year," Dr Kerr said.

Ryman currently operates 21 villages nationwide, offering a combination of retirement living and resthome care. The villages are all designed, built and operated by Ryman.

Shareholders in Ryman include investment companies representing Tainui and Ngai Tahu iwi.

NZPA
Thu, 29 Jul 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined
Ryman Healthcare signals expansion into Australia
7155
false