Summerset Group Holdings' Strong Financial Performance in FY23

Summerset Group Holdings Limited (ASX: $SNZ) has reported a record full year underlying profit for the year ending 31 December 2023 of NZ$190.3 million, up 11.0% on FY22. The net profit after tax was NZ$436.3 million, the company's second highest ever NPAT. Additionally, the company acquired two new sites in New Zealand and achieved a total of 1,103 sales of occupation rights, up 10% on FY22. Summerset also delivered 643 new homes under occupation right agreement (ORA) and declared a final dividend of NZ13.2 cents per share, bringing the total dividend payable for FY23 to NZ24.5 cents per share, up 9.9% on FY22.

Summerset Group Holdings' Executive Commentary on FY23 Performance

Summerset's CEO, Scott Scoullar, expressed satisfaction with the company's performance despite the challenging macroeconomic environment. The company achieved high resident satisfaction scores and won several awards, including Aged Advisor's 'Best Provider Nationwide' and gold for the Reader's Digest 2024 Quality Service Award in the Retirement Villages category. Summerset continued its expansion in New Zealand and Australia, with the delivery of its first Australian homes at the Cranbourne North village in Victoria and the acquisition of new sites in both countries. The company is optimistic for the year ahead, expecting to deliver 675-725 homes in 2024, including the completion of Stage 1 of its St Johns village in Auckland.

Summerset Group Holdings' Outlook and Corporate Strategy

Summerset Group Holdings Limited (SNZ) has reported a record full year underlying profit for FY23, demonstrating strong financial performance and strategic progress. The company's strategic goals include delivering new retirement villages, investing in its people, growing in Australia, being a good corporate citizen, and being a more efficient and effective business. Summerset is focused on sustainability and environmental performance, with investments in renewable energy and sustainability projects to reduce carbon emissions. The company is optimistic about the year ahead, expecting to deliver 675-725 homes in 2024, including the completion of Stage 1 of its St Johns village in Auckland. Summerset's strong financial performance, strategic progress, and commitment to sustainability position it as a leading player in the retirement and aged care sectors in New Zealand and Australia.