7 Jul 2015

Profits up at Summerset

2:37 pm on 7 July 2015

Retirement village operator Summerset expects its underlying profits to jump by up to 39 percent this year, as it reports record high half-year sales.

The news pushed its shares up 13 cents to $3.67 at midday. Summerset said it expected its underlying profit for 2015 to be between $32 and $34 million.

At the most, that's 39 percent higher than its $24.4 million dollar figure for 2014.

Summerset chief executive officer Julian Cook.

Summerset chief executive officer Julian Cook. Photo: Summerset

The group, which is listed on both the New Zealand and Australian markets, said it made a record-breaking 270 sales in the six months to the end June.

That's 38 percent higher than for the same time last year.

Summerset's chief executive Julian Cook said the company had a high number of re-sales, and there's continued momentum from the opening of four new villages in the second half of last year.

The group has 20 retirement villages throughout New Zealand, plus three additional land sites, and has 3000 customers.