Source: Radio New Zealand
Unsplash/ Ina Ramos
Aged care provider Radius Residential Care has reported a strong full year result with net profit up 36 percent on the back of 14 percent revenue growth.
The company, which operates 24 aged care homes, made a full year profit for the year ended March of just over $10 million, with revenue of $202.5m.
Chief executive Andrew Peskett said the results were driven by stronger occupancy and other operating metrics across the business, with occupancy up 2.1 percentage points to 94.9 percent on average.
Underlying profit was up 17 percent to $27.4m or $31,100 per bed, compared with $27,900 per bed the year earlier.
The company expected to open its 25th aged care home at the end of the month, with plans to build an additional six villas over the current year.
It expected its financial performance would be further boosted by those developments.
It will pay a final dividend of 1.2 cents per share.
Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest money.
– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand