Land Lease developer Ingenia posts strong results for FY17 with $32.1M EBIT

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That’s an increase of 32.6% on the previous year, while their new home settlements hit 211 – a huge 97% increase on FY16 and well above their original guidance for FY17.

In total, their underlying profit was $23.5M, a rise of 16.3% on the previous financial year.

Ingenia CEO Simon Owen says they now plan to target 260 to 280 settlements in FY18 and 350-plus in FY19 with eight new greenfield or expansion development projects with 2,473 new homes in the pipeline for the next 14 months.

As we covered here, Ingenia raised $74.1M back in May to fund new acquisitions and key developments. With their EBIT guidance now $42M to $46M for FY18, they seem well on target.