Ingenia Communities CEO Simon Owen advises ASX finances better than expected: EBIT up 30%

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ASX-listed land lease operator Ingenia Communities has lifted its EBIT earnings guidance for the year just ended to $71.9 million, about 30% higher than last year’s figure – in contrast to its earlier guidance of 15-20%.

“Above ground home development margins exceeded the first half and we close the year with over 300 contracts and deposits in place, demonstrating the growing demand across our projects,” said Ingenia Communites Group CEO Simon Owen (pictured).

It will report 380 new home settlements, up 17% on the previous year and at the top range of its earlier guide of 360-380 settlements when it reports its earnings for the last financial year on 18 August.

They reported in May that Ingenia Communities had bought a 16.2ha greenfield development site at Bargara, 13km east of Bundaberg, Queensland, and five established coastal holiday parks in NSW, QLD and Victoria, with 844 cabins, increasing its total holiday park portfolio by 20% for $40 million, bringing its acquisitions to $220 million plus.

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