Oceania Healthcare reports record full-year results
New Zealand aged-care operator Oceania Healthcare lifted full-year revenue and adjusted operating profit to record levels. The company cited rising bed occupancy, stronger margins from premium care services and a property revaluation gain as the main drivers.
Oceania Healthcare released its results for the full financial year, with total revenue 11 percent higher than the previous year and at a record level. The company said occupancy rose to 96 percent across both hospital-grade care and premium retirement village segments, while pricing power moved roughly in step with inflation.
Adjusted operating profit grew by a double-digit percentage. Management said a three-year portfolio repositioning programme has now translated into firmer margins. The property revaluation gain reflects upward movements in valuations across Auckland and Tauranga sites; operating cash generation came in close to NZ$80 million.
The company gave a cautious but constructive outlook for the year ahead, listing growth in the elderly population, adjustment of public insurance reimbursement rates and disciplined capital spending as the main reference points. Management said it continues to look for opportunities to acquire smaller competitors, and that a new Hawke's Bay site is targeted to open in the first half of next year.
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