Ryman Healthcare’s half-yearly results have supported the strength of its continuum-of-care model, with underlying profit up 44.8% and its Australian business performing well.
The NZ-based operator posted a first half underlying profit of NZ$138.8 million (around AU$128 million) for the 2022-23 financial year, with strong Australian growth driving a 9.8% increase in booked sales of occupation rights, though reported profit dipped 31.1%, which the company ascribed to lower unrealised gains on investment properties.
In an earnings call, Richard Umbers, Group CEO (pictured), noted the increasing contribution of Ryman’s Australian arm to its profits.
“During the past 12 months, Australia has contributed around one quarter of our total sales across the group. This is a significant lift. Ryman is now an established trans-Tasman business with a compelling retirement village and aged care proposition in both markets,” he said.
Group CFO David Bennett (pictured) flagged Ryman’s continuum-of-care model, which the company has been pushing in Australia as a way to evolve both the retirement living and aged care sectors, as a big factor in its local success.
“I think our brand is building very strongly in Australia. We are highly differentiated from the market with our continuum-of-care model and that’s driving very high levels of demand, and as the Ryman brand gets out there, we are able therefore to stimulate very high levels of interest, which is also helping the overall model,” he said.
Ryman recently received approval for a new $200 million continuum-of-care village in Mulgrave, Victoria.
