Love Ageing

NZ’s Summerset boosts its FY18 profits by 21-26% with 50/50 new/used sales

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The village operator has announced its underlying profit for the six months to 30 June 2018 is forecast to be between NZ$43 to NZ$45 million on the back of strong development margins on home settlements this year.

Summerset CEO Julian Cook said that while new sales are lower than the same period in 2017, they are still seeing high levels of sales contracts and presales on homes which will be completed and delivered over the rest of 2018.

In total, new sales for the HY18 were 145 compared to 154 for resales.

Summerset now has 23 villages completed or in development in New Zealand, plus seven development sites.

As we reported here, the Group also opened a Melbourne office in May ahead of a potential Australian expansion. Fellow NZ operator Ryman Healthcare has set a solid precedent – it now has eight sites in Victoria.