It is 51 weeks since Geoff Grady was appointed FKPs CEO and given a mandate to transform the diversified property and retirement group into a pure play retirement business. Following his experience as a director of Metlifecare in NZ he stated then that care is a vital component of the retirement village offering and that its delivery was a strategic priority for his first 12 months.
Today Aveo announced the appointment of RDNS Ltd (which operates RDNS HomeCare and Rally Home Care) to provide in-home support and healthcare programs to residents in 22 of its villages around Australia.
This means Grady is now on track to achieve his self-imposed target of comprehensive low care services in over 90% of Aveo owned villages by the end of FY14 - or 11 days from today. (Aveo own 6,300 ILUs plus manages the old Forest Place portfolio and RVG portfolio, taking them to 12,000 ILUs).
The RDNS appointment covers 15 villages in SA, one in TAS and six on the Gold Coast.
Grady stated in his presentation at the LEADERS SUMMIT they have already established coordinated respite services across their portfolio plus are advanced in delivery of higher quality food services. They are also substantially advanced in formalising additional strategic relationships following the conclusion of home care delivery trials currently underway. He stated that partnerships with Not For Profit is their chosen direction as Aveos expertise is in managing the retirement portfolio and development.
RDNS was previously the Royal District Nursing Service of Victoria. They employ 2,500 people, providing home nursing and healthcare to more than 15,000 people every day.
Consolidating the Aveo relationship with RDNS and bolstering Aveos IP in the care sector is the appointment of Steve Muggleton as an Independent Non-Executive Director to Aveo, effective tomorrow. He is the CEO of RDNS and also a highly experienced health administrator, having previously been the CEO of Blue Care in Queensland.
In 12 months Grady has doubled the share price to $2.00, reduced gearing from 32% to 20%, rebranded FKP as Aveo, increased ILU sales by 40% and now formalised home care delivery into over 5,500 ILUs.
