Summerset Financial Results for the Half Year Ended 30 June 2015
Retirement village operator Summerset Group Holdings Limited has announced underlying profit of NZ$17.1 million for the half year to 30 June, up 81% on the same period last year.
Net profit after tax for the first half of 2015 was NZ$35.7 million, an increase of 134% on the same period last year. This figure includes unrealised valuation gains of NZ$17.6 million in the fair value of investment properties, land and buildings. Read the full release here
Summerset acquires new site in Auckland’s Eastern Suburbs
Summerset has acquired an interest in a new site at St John’s in Auckland’s sought-after Eastern Suburbs.
The picturesque 2.5ha site is positioned on St John’s Road with views out towards Auckland’s central city and Rangitoto Island. Known as Parsons’ Paddock, the site adjoins the St John the Evangelist Theological College and a bush reserve.
Located in the long-established and popular suburb of St John’s, the site enjoys close proximity to the Meadowbank Shopping Centre, Remuera Golf Course and numerous other amenities.
CEO Julian Cook said, “We are delighted to have acquired an interest in this landmark site and look forward to providing retirement village and care services to the area. We expect there to be significant interest in this high quality, modern development.” Read the full release here.
Summerset buys land to extend the village in Warkworth
Summerset has purchased land adjacent to its existing village in Warkworth.
The acquisition of the 2.4ha section at Woodcocks Road will enable the company to build an additional 77 retirement units at the Summerset Falls village, which is currently home to 220 residents. The current village is close to completion with a care apartment building due for completion next year.
Julian Cook, chief executive of Summerset, said, “We have experienced very strong interest in the Warkworth area. With its excellent riverfront location and high quality of development, the village has proved extremely popular with the residents in Warkworth’s thriving local community. Read full release here.
Retirement village and aged care operator Summerset Group today announced underlying profit for the 2014 financial year of NZ$24.4 million, a record for the company.
The 10% increase on the prior year reflects another year of continued strong growth for the company, which has 20 villages across New Zealand, as well as three quality land sites.
Net profit after tax for FY14 was NZ$54.2 million, 58% higher than FY13. This figure includes unrealised valuation gains in the fair value of investment properties and land and buildings.
The value of the company’s total assets has grown 23% to NZ$1.0 billion, up from NZ$845 million in 2013, reflecting the significant growth in the business.
Chief Executive Officer Julian Cook said 2014 was a year of investment in future growth. Read the full release here
Christchurch home of Summerset's 20th Village
Summerset has been granted resource consent to build a NZ$80 million retirement village in Wigram, Christchurch, which will see the company achieve a long-held goal.
The village will be the company’s first in Christchurch, and will be Summerset’s 20th village nationwide.
CEO Julian Cook said, “It’s taken us 17 years to reach this goal. We also reached the goal of 2000 units nationwide this year. This was another special milestone for us. Our growth has been driven by listening to what our customers really want, and has resulted in us winning Best Retirement Village Operator in New Zealand and Australia four times in a row. Read full release here
Summerset opens $5 million village centre in Bay of Plenty
Retirement village operator Summerset celebrated the coming of age of its waterfront Kaikati village, with the opening of a NZ$5 million villabe centre today.
The building was opened by Summerset CEO Julian Cook and Western Bay of Plenty Deputy Mayor Gwenda Merriman.
The Village Centre is home to recreational facilities such as a spa, lounges, hair salon, bowling green and more. The village’s Divine Café is open to the public. Read full release here
Summerset unveils plans for NZ$55 million retirement villlage in New Plymouth
Summerset has released plans for its Vogeltown, New Plymouth retirement village, which will eventually become home to more than 240 people. The first 14 homes will be completed next month and residents are expected to move in before Christmas.
Summerset CEO Julian Cook said, “This village is going to provide older people in the community with much-needed homes that are built with their care and needs in mind. The village will also feature many facilities that help residents enjoy their retirement, socialise with their neighbours, and continue their active lives. It will have amenities such as an indoor pool, exercise room, residents’ bar, all-weather bowling green, residents’ workshop, communal vegetable garden, and a café. Read full release here
Summerset growth remains strong
Summerset Group Holdings Limited has announced its interim 2014 results, which show the retirement village operator progressing well with openings of new villages and care facilities around the country.
CEO Julian Cook said, “The business is trading well and we are investing in three new village openings this year. Karaka and Hobsonville have just opened and we are on track to open our New Plymouth village later in 2014. We are seeing good demand for homes in these villages, and they will all contribute to settlements over the second half of 2014 as residents move in.”
The company’s net profit after tax for 1H14 was NZ$15.3 million, an increase of 42% in 1H13.
Total assets increased over the last 12 months by NZ$157m, and are 21% higher than 1H13. Over the last three years the total assets of the company have grown by 69%.
Summerset to build NZ$130 million village in Ellerslie
Summerset has been granted resource consent to build a NZ$130 million retirement village in a much sought-after location in central Auckland. The proposed village, situated on Harrison Road, Ellerslie, will create homes for some 400 people.
The 3.8 hectare village will consist of 250 homes including townhouses, villas and apartments, as well as care apartments where residents can receive rest home-level care in their own homes.
Summerset CEO Julian Cook said, “This village is going to provide older people in the community with much-needed homes that are built with their care and needs in mind. The village will also feature many facilities that help residents enjoy their retirement, socialise with their neighbours, and continue their active lives.
“Ellerslie is currently underserved from a retirement village perspective. This village will be an important addition to the community. People won’t have to move away to enjoy top quality retirement village living, and neither will they have to leave their community should their needs change.”
Auction bidding puts fun in fundraising
A charity auction at a Nelson retirement village is expected to raise around $2000 for the Nelson Region Hospice Trust. A luncheon for 100 yesterday at Summerset in the Sun retirement village in Stoke had bidders outdoing each other for the $500 worth of goods donated by businesses in Stoke for the mystery auction. By yesterday afternoon proceeds from the auction had reached $1600 and was expected to reach $2000 by the final count, the village sales manager Carol Pitman said.
$250 for animal rescue
Residents at the care centre at Summerset by the Ranges, Levin hold an annual animal welfare fundraiser. This year, through raffles, knitting and selling dog coats and other activities they raised $250 that was donated to Mrs Puketapu's animal rescue organisation.
Trees grow environmental awareness
In an important step forward for the promotion of environmental awareness in the town, Katikati College has joined the Trees for Survival (TFS) charitable trust.
Founded 20 years ago, the trust Is in 140 New Zealand schools, providing them with a total of 75,000 native trees a year.
Summerset supports this initiative with Katikati College, read more about what the Katikati Advertiser wrote about what college is doing here.
Summerset boss's challenge: to live and let live
Julian Cook lives with more than 2900 people. And most of them can be pretty frank about what he is like to live with, as they seek to enjoy the last part of their lives, rather than have him tell them what to do.
But for Cook, the new chief executive of retirement village and aged-care operator Summerset, simply enabling the ever-growing retirement-age demographic to live their lives is what sets his business apart.
At the same time, he realises the company's biggest challenge is its own ability to grow, while maintaining this core philosophy.
Summerset Opens $15 million Village Centre in Dunedin
Summerset today opened a $15 million Village Centre at its Dunedin village, a significant step for the retirement village operator’s first Otago site.
Summerset CEO Julian Cook was thrilled to be opening the Village Centre. “This building is the heart of the village and the centre of the community. The opening of this Village Centre signals Summerset is coming of age.”
The Village Centre features amenities such as a cafe, resident bar and social areas, hairdressing salon, exercise room, library and IT suite, an all-weather bowling green and indoor spa pool.
It also houses the village’s 41-bed Care Centre, and 20 care apartments where residents can receive DHB-certified rest home-level care in their own homes.
Summerset buys land to extend village in Auckland
Retirement village operator Summerset has bought land adjoining its existing village in Karaka, which will see the village’s footprint almost double, CEO Julian Cook said at the company’s Annual Meeting today.
The purchase will help the company’s growth as it anticipates bigger deliveries of retirement units, care apartments and care beds at multiple sites Mr Cook said.
Summerset will build around 250 retirement units this year, rising to 300 retirement units in 2015. Summerset built 209 retirement units in 2013.
The land purchase at Karaka, in the Auckland region, will add to Summerset’s considerable land bank. Last year, land purchases New Plymouth, Lower Hutt, Trentham, Casebrook and Wigram boosted the company’s land bank.