NZ’s No. 2 village and care operator Summerset forecasts up to 40% profit increase

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With their eyes on joining Ryman in the Australian market, Summerset has revised its earning guidance for the year ended 31 December 2017 to NZ$77 to NZ$79 million – a jump of between 36% and 40% on the previous year’s underlying profit.

Summerset CEO Julian Cook attributed the increase to strong resale volumes and margins as well as solid occupation right sales across its 22 NZ villages.

The Group had 204 sales for the quarter ending 31 December 2017, including 106 new sales and 98 resales.

They are actively researching the Australian market.