NZ’s second-largest operator has pushed its after-tax profit to $90.3M in the latest half-yearly results, up from $50.6M in the previous period.
The group, which has 2,999 units across 22 villages, took its underlying profits to $35.7M for the six months to 30 June, a jump of 45% on the same time last year.
This is bigger than say Stockland’s retirement business, despite Stockland having over 9,600 units.
Chief executive Julian Cook told the NZ Herald it’s their strongest development margin for any six-month period and they only expect this to increase, with the operator on track to build around 450 retirement units across their villages in 2017.
With Summerset giving every indication they will soon be moving across ‘the ditch’, it’s news worth noting.
