Ryman says Q1 trading ahead of year earlier, meets target
The shares edged up 0.6% to $7.12 on the NZX, which is 1 cent below the record high charted last week.
First-quarter trading by Ryman Healthcare, whose shares are sitting at a record high after climbing 56 percent this year, was in line with the retirement village operator's target's and ahead of the same period on 2012.
"We have reviewed the first quarter's trading, and I'm pleased to advise that we are ahead of last year, and trading in line with our expectations," chairman David Kerr told shareholders at the annual meeting.
The shares edged up 0.6 percent to $7.12 on the NZX, which is 1 cent below the record high charted last week. The shares have climbed for more than 10 years in line with a decade of earnings growth.
The stock is rated a 'hold' based on the consensus of six analysts surveyed by Reuters, having moved above the median target price of $6.60.
Mr Kerr says the company is set to enjoy "30 years of exceptional demographic growth", given government forecasts are for the number of New Zealanders aged over 75 to almost triple to 731,000 over the next 30 years.
Similar growth is expected in the Australian state of Victoria, where its first Melbourne village is due to open in April 2014.
(BusinessDesk)
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Ryman says Q1 trading ahead of year earlier, meets target
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