Aveo Chairman Seng Huang Lee (pictured top) claimed at last week’s AGM that 2016 was the company’s most significant year, delivering on their retirement ‘pure play’ strategic, financial and operating commitments.
In FY16 after tax profit doubled to $116 million and return on assets increased to 6.3%. In 12 months they sold 799 units, DMF/Capital gain share increased 8%. They developed 182 new units and while they have six villages with development action now, in 24 months this will have grown to 19. Plus Freedom Private Aged Care was acquired to facilitate care services.
“The keystone to Aveo’s continuing pure retirement strategy is a focus on our core customer proposition of being a provider of a continuum of care for our customers”.
The Freedom business model is to deliver “direct care on a not-for-profit basis”. Meaning they are not seeking to make a profit but rather to leverage ‘care’ to boost village sales and prices. It is being rolled out to select Aveo villages.
Also announced was the appointment of Aveo’s first female Director, Diana Saw. A solicitor, she has a property, banking and finance background with Deutsche Bank, Babcock & Brown and Qualitas Group.
