NZ retirement company Summerset (ASX:SNZ) increase moves into Australia

Company News

by Rachael Jones

Retirement village operator in New Zealand, Summerset (ASX:SNZ) announced an underlying profit after tax for the year ending 31 December 2019 of NZ$106.2 million, up 8 per cent on FY18.

Net profit, which includes the impact of unrealised movements in the fair value of investment property, was down 18 per cent on FY2018 at NZ$175.3 million.

Annual growth in underlying profit has averaged 38 per cent since the company listed on the NZX in November 2011.

The company also announced the purchase of a second property in Victoria, just five months after its first land acquisition in Melbourne.

Summerset CEO Julian Cook said 2019 had been a good year for the company.

Shares in Summerset (ASX:SNZ) last traded at $8.69 on Friday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.