After having its shares hit hard in FY16, Estia has returned serve, announcing a NPAT of $40.7M – a huge 47% jump – and an operating revenue of $524.6M, up 18%.
The results were boosted by a successful $136.8M capital raising and stronger NET RAD receipts of $80.1M, with their occupancy rate at 93.5%.
Estia Chief Executive Officer Norah Barlow said the result demonstrated that their review of the business in FY17 was working. “Our resident mix has stabilised, we maintained our staff costs at the level forecast, and we more than halved our net debt,” she said.
The listed provider also pushed forward with its expansion and refurbishment plan, investing $54.8M, including more than $28.4M in their Twin Waters and Kogarah greenfield developments which will open next month and March 2018 respectively.
Mrs Barlow now says Estia expects to have mid-single digit percentage growth in FY18 on the back of this and an additional 136 new beds and growing RAD numbers.