Summerset chief executive Scott Scoullar said the company's sales increased by 18 percent on last year's first half results. Photo: Google Maps
Retirement village operator Summerset's bottom line profit has increased 26 percent on the year prior to $127.2 million for the first half of 2025.
Leaving aside one-offs the underlying first half profit increased 19 percent to $106.6 million.
- Net profit $127.2m vs $102.2m
- Revenue $173m vs $151.6m
- Underlying profit $106.6m vs $89.9m
- Interim/final dividend 11.3 cents per share vs 11.3 cps
Summerset chief executive Scott Scoullar said the company's sales increased by 18 percent on last year's first half results.
"We're pleased with our start of the year, we will continue to work hard to deliver sales in the second half, building on this momentum," Scoullar said.
"The contracted stock that we have there has lifted by 50 percent so we're really optimistic about sales in the second half."
The value of the company's property assets lifted 18 percent on the year prior to $8.7 billion driven by growth in new villages.
Summerset recorded 692 sales comprising 354 new sales and 338 resales in the six months to June.
Scoullar said the company had moved a number of its care units throughout the country to be sold under Occupation Rights Agreements (ORAs), rather than full ownership.
"Care ORAs allow our village residents to use the equity in their villa or apartment to purchase their care units," he said.
"Residents really like the fact that they don't have to pay a daily premium charge and they get to take out of the capital when they leave the village.
"What residents have struggled with is that they're trying to live on their superannuation and one of them gets sick and they have to pay an additional set of charges every day."
The company said 750 care units are progressively moving onto ORAs and over 200 of those were under contract or sold during the first half of the year.
Summerset's Australia's "staged growth" was progressing well he said. The second village is due to open later this year with two more in the pipeline.
"We're on track to deliver 50-80 homes in Australia this year, rising to approximately 300 in three years' time," he said.
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