Retirement village operator Summerset Group says that it wants to expand its land portfolio in Auckland.
Strong demand for retirement units has helped the group to more than double its underlying profit to $6.9 million, while revenue has risen 13% to $18.2 million.
A half-year profit of $3.7 million has been posted, up from a $1 million loss in the first half of last year.
Chief executive Norah Barlow says the demand for retirement units remains bullish, as baby-boomers move into retirement.
Ms Barlow says the company will hit its target of 155 new retirement units by the end of the year and expects to meet a full-year profit forecast of $9.7 million.
Summerset has enough land to build a further 1200 units and expand its 14 villages throughout the country.
It has recently purchased a plot in Hobsonville, Auckland - Ms Barlow says the company's key focus is to buy more land.
"Last year we did 108 (sales) for the full year: we're now in new sales of 83 for the half-year," she says. "So we're up 102% on the same half-year period last year."
