Ryman Healthcare Ltd [RYM.NZX] 2011 first half year to 30 Sept 2010 is another stellar result for the retirement village operator. Profit is up 25% to $36.1 million on last years corresponding period.This is on revenue up 23% to $104.5 million.
Management have indicated that expansion during the 2010 financial year has contributed to the record result but clearly costs have been kept low because profit has outstripped revenue.
Management have also indicated they are on track for another 15% boost to profit over the 2011 fully year. This level of growth has been consistent for the company for as long as it has been a publicly listed company.
Key Points
Net Profit:
$36,119,000
Fair value movement of investment properties:
$41,995,000
Total Income:
$104,594,000
Earnings per share:
10.4 cps; 35%; 7.7 cps
Interim Dividend :
3.4 cps; 26%; 2.7 cps
Over 300 units added
15% profit growth tipped for 2011 full year
I have little reservation in my shareholding in this company and consider management have been exceptional in their handling of the business over the last 12 months. A period of uncertainty with, restrained economic growth.
I am only sorry I didnt buy more shares when the stock was trading a dollar lowers during the last year or so.
Disclosure: I own RYM shares in the Share Investor Portfolio
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