Australian Unity grew its Retirement Living total revenue last year by 22% to $89 million. This delivered a net profit EBITDA of $21 million, up 69% on 2013.
There are three main business units are retirement villages, aged care and home care. Villages increased their units from 1,931 to 1,986 by development and registered 96% occupancy with price growth. Aged care grew from 451 beds to 613 also by development, with 98% occupancy. Home care revenue grew from $5 million to $9.5 million, assisted by the purchase of INS Health Care.
AU states they are also redefining both retirement living in the Inner City plus the levels of choice in aged care with their new Carlton development in Melbourne, Rathdowne Place. When complete it will have 162 beds in a tower accompanied by 90 retirement apartments across eight levels in and adjacent tower. The development is valued at $180 million.