While on a heavy expansion by acquisition and new development path, Ingenia has posted an underlying profit of $20M, up 20% on FY15.
They sold 107 new homes in their land leased communities, doubling last year. They forecast 150 new sales this coming year from developments across 13 of their communities, backed by an immediate pipeline of 900 sites.
CEO Simon Owen has emphasised the cash that tourism is generating through the LLCs plus their rental villages that now average 91% occupancy, up from the mid-80s about two years ago.
They are also advanced in doing a deal with ‘a global investment group’ to divest a majority interest in five of the Group’s larger DMF communities’ which are in WA.