Ryman Healthcare reports $255m profit

Ryman Healthcare has reported a full year audited underlying profit of $255 million, despite the extra costs associated with Covid-19.

Group chief executive Richard Umbers said it was a strong result which proved that Ryman had the capability to deliver in challenging times, helped by a strong recovery in Victoria, and the business was shifting into a new phase with the pandemic. ‘‘I’m optimistic Covid is now in the rearview mirror, and living with Covid is the new normal.’’

Audited reported profit, which includes unrealised fair value gains on investment property, increased just under 64% to $692.9m in the year to March 31.

Shareholders will receive a final dividend of 13.6 cents per share, paid on June 17, taking the total dividend for the year to 22.4 cents per share (43.9% of underlying profit).

Umbers said the second half of the year was impacted by the arrival of Omicron, but Ryman’s operations in

Victoria led the recovery with record fourth quarter sales, and a similar recovery was expected in New Zealand later in the year.

Total group sales, which includes both new and resale units, topped 1500 for the first time, and only 1.4% of Ryman’s portfolio (120 units) was available for resale at the end of March. ‘‘When the crisis began, many people saw the retirement sector as somewhere to go to get Covid,’’ but Umbers said Ryman’s efforts to keep the virus out of its facilities meant enquiries were now some of the highest they had seen.

Ryman’s total assets grew to nearly $11b, up from $9.17b last year, driven by its building programme, investment in higher value sites and fair value gains.

Umbers said construction momentum was maintained despite the supplyside challenges of Covid, and Ryman currently had 16 sites under construction in New Zealand and Australia. It had purchased four new sites during the year, three in Victoria, and one at Rolleston just outside Christchurch, plus it has bought land to extend two existing Victorian villages.