Strong sales of retirement units have helped the Summerset Group to lift its underlying profit and beat forecasts issued ahead of its stock market flotation.
The retirement village operator, which floated on the stock exchange in November, made $4.3 million in 2011, which is 13% less than forecast due to tax adjustments.
But underlying profit, which strips out property revaluations and one-off tax costs, was 35% higher than forecast at $8 million.
The company's revenue during the period, of $33.7 million, beat expectations by 3.6%.
Summerset chief executive Norah Barlow says 122 new units were added to its villages during the year.
She says they are forecasting another 155 units during 2012 and that within a period of five years that will be increased to about 250 new units per annum.
Ms Barlow says Summerset already owns land that would hold another 1052 units and 240 care beds, and has funding available to purchase more land, which it is actively seeking.
