The ASX-listed provider announced a normalized EBITDA of $61 million and a normalized NPAT of $30.5 million on the back of a lower-than-average 93.1% occupancy for the period.
Regis Managing Director Ross Johnston said the cutbacks to residential aged care funding in 2017 and 2018 and industry-wide occupancy pressure during that period had contributed to the financial performance.
“The Company expects the occupancy pressures to be short-term with a range of strategies implemented to improve occupancy,” he said.
There were some positive points. Regis reported an increase in the average incoming RAD to $464,800 from $455,600 in FY17, with 55% of new residents choosing to pay a RAD, 8% paying the DAP and 37% opting for a RAD/DAP combination.
The company also invested $143.3 million in their expansion pipeline which included acquiring Presbyterian Care’s three aged care facilities, village units and home care services in Tasmania.
