Ryman pushes result higher

By Phil Boeyen, ShareChat Business News Editor

Monday 11th June 2001

Ryman Healthcare (NZSE: RYM) has posted a 12% lift in net surplus after tax to $14.1 million.

The result for the year ended March compares with last year's figure of $12.5 million. Turnover increased 28% from $46 million to $59 million.

The company says the year has been a very positive one with a strong financial performance, and a number of building blocks set in place to ensure further growth.

"...although it is not easy to succeed in this industry, there is a stable and exciting future for an experienced group such as Ryman that adopts the correct strategies, and has the requisite management skills," the company says.

Ryman says its competitive edge relies in the quality of its developments and its operating experience, which together can help fend off competition.

"The occupancy levels in the resthomes and hospitals at the company's complexes remain at a high level, and in particular the average occupancy at the last three villages to be fully opened - Ngaio Marsh, Malvina Major and Shona McFarlane - was above 98%."

Despite industry concerns at over-supply in the sector Ryman is positive about the future because, as the elderly population increases, customers are becoming more selective about their age care choices.

"The company's profits are stable, they continue to grow, and the directors have every reason to believe that the group has excellent prospects."

A final dividend of 2.8 cents per share has been declared, bringing the year's total dividend to 5.6 cents.

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