Not For Profit operator HammondCare shows where the growth market is

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Not For Profit aged care services and support provider HammondCare has released its annual report, stating it has no external bank debt, grew its revenue 16% to $402 million and made a FY21 profit of $7 million, an increase of 0.8 million from FY20.

As at 30 June, HammondCare held liquid assets (cash, cash held on term deposit and managed funds assets) of $152 million, up $13 million over FY20. Net assets stood at $341 million, a decrease of $18 million from the previous year due to a $46 million write down of bed licences.

HammondCare also showed where the revenue is coming from, with its home care service, HammondCare At Home, seeing revenue increasing 28% by increasing the number of Consumer Directed Care packages and receiving additional Commonwealth Home Support Programme funding.

HammondCare At Home made a surplus of $11 million, up $3 million on the previous year. It predicts double-digit growth in-home care again this financial year.

“In HammondCare At Home, we continued to find ways to accept new clients even when others closed their books,” said CEO Mike Baird.

In contrast, HammondCare’s residential care operation lost $16 million, which the operator said was largely due to the Federal Government’s funding not keeping pace with rises in operational expenditure necessary to provide quality care.