Lifestyle Communities’ HY profit falls 36.5% to $15M on planning delays – but still on track to meet FY targets

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The land lease operator’s revenue fell to $40 million from $63 million 12 months ago on the back of a drop in the number of new home settlements from 186 to 109.

In total, Lifestyle Communities declared a net profit of $15.1 million, down 33.6% from $22 million the year before.

However, Managing Director James Kelly (pictured) says it will meet its full-year guidance of between 270 and 310. That’s an average of 1.33 homes each business day.

In 12 months their share price has increased from $5.20 to $8.84, or 70%.

“The company will have better visibility of the number of these homes listed for sale and the likely timing of settlement in the next six to eight weeks and will provide updated guidance at the appropriate time if required,” he said.

The interim dividend of 3.0c, up from 2.5c for the same period in the previous year.

With 3,960 homes settled, contracted or in planning, as we covered last week, the operator has just acquired land for its 20th LLC in Pakenham, Victoria.