Record profit reported by rest home operator

Updated at 7:08 am on 16 November 2012

Ryman Healthcare has posted a record profit following heavy investment in aged care and retirement facilities over the last 18 months.

The rest home operator's profit rose 15% to $68.8 million for the six months to September, compared with last year.

The company, which operates 25 retirement and rest home villages nationwide, made an underlying profit of $48.1 million, a rise of 16%.

Managing director Simon Challiessaid there is a growing demand for retirement facilities around the country, which is set to continue for a long time, with the Government predicting up to 20,000 new aged care beds will be needed over the next 15 years.

He said Ryman is reasonably confident on the outlook generally for the next three to five years in New Zealand.

Ryman will pay a dividend of 4.6 cents per share, a lift of 18%.

Next story in Business: Country Road sales up