Bethanie “evaluating alliances, joint ventures, mergers and acquisitions”

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Western Australian Christian Not For Profit retirement village and aged care operator Bethanie is caring for over 4,000 people and has reached $143 million in revenue.

In a statement in the company’s 2021 annual report, Bethanie Chairman Peter Gibbons and CEO Chris How (pictured), said the aim, with a 2023 target, is to double the number of people cared for and to achieve annual profitable revenue of $180 million.

“Demand for aged care services in Western Australia is projected to grow by 65% over the next decade as our population ages. This will require new capital investment and funding for services to support the care needs of our ageing population,” they said.

“Despite the COVID-19 pandemic and the Final Report released by the Royal Commission into Aged Care Quality and Safety, opportunities are numerous, and we find ourselves evaluating alliances, joint ventures, mergers and acquisitions. We continue to explore new revenue and profit streams to ensure our funding is diversified, and not predominantly reliant on government funding instruments.”

Bethanie owns and operates 776 independent living units across 11 retirement villages, has 978 occupied beds in 12 aged care homes, provides home care to 1,576 customers including 372 home care packages and has 502 social housing units in Western Australia.

The 2021 financial year saw Bethanie finish construction of its Independent Living Cottages at Bethanie Esprit Lifestyle Village, in Eaton, a north-northwest of Perth’s CBD, an eastern suburb of Bunbury, and finished refurbishing Bethanie Warwick Retirement Village, 16km north-northwest of Perth’s CBD.

Bethanie also started construction of a 120-bed residential aged care home in the village of Dalyellup, 11km south-southwest of Bunbury. On 31 July 2021, Bethanie became manager of the Bert England Lodge, a 44-bed aged care home in Rockingham, 47km south-southwest of Perth’s CBD.

Total revenue increased by 12.4% to $143.1 million (FY2020: $127.2 million). Operating contribution (EBITDA) for the 2021 financial year was $5.3 million.