The only pure-play Over 50s rental villages operator, which also has moved into all-age rental communities under its new Managing Director and Chief Executive Officer, has increased revenue, underlying EBITDA, underlying profit, statutory net profit, and occupancy, and seen a 5.7% rise in rental prices.
In announcing its FY25 results, Eureka Group Holdings said its pipeline of acquisition opportunities under contract or assessment now exceeds $100 million. It has purchased four communities for all-age rentals since February.
Simon Owen said they will continue buying suitable sites and the business will develop 230 new units at its Kingroy and Gladstone greenfield sites, with eight communities able to add 650-plus dwellings. In addition, Eureka will divest $25 million to $30 million of property and sell low-profitability management contracts.
Eureka's FY25 results showed:
- Revenue up 11% to $45.8 million (FY24: $41.1 million).
- Underlying EBITDA up 11% to $16.9 million (FY24: $15.2 million).
- Underlying profit before tax up 31% to $12 million (FY24: 9.1 million).
- Statutory net profit after tax up 52% to $20.1 million (FY24: $13.2 million).
- Occupancy 98% from 97% in FY24.
Eureka in its statement to the ASX said the acquisitions, developments, capital improvements and revaluations during the 12 months led to a $60 million, or 18%, increase in assets under management. Over 95% of Eureka's senior residents receive Government financial support.
