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.