Aveo Group (ASX:AOG)
has been developing, operating and managing retirement communities for over 25 years, and is Australia’s leading provider of senior living communities.
The Group delivered on its financial targets in FY16. For example, its statutory profit doubled to $116 million, driven by a higher contribution from retirement and non-retirement businesses, and fair values gains on investment property.
Aveo Group's funds from operations rose 85% to $137 million, and retirement return on assets increased to 6.3%. The Group also achieved record retirement sales of 799 units.
As for its FY17 outlook, the Group's retirement development ramp up will continue with scheduling on track for delivery of 301 new units. The Group also expects EPS to increase by 7.6% to 18.3 cps.