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Ingenia Communities Group - Portfolio expansion delivers 40% EBIT growth with stronger rental base

Ingenia Communities Group (ASX: INA) today announced Underlying Profit of $26.5 million for the half year ending 31 December 2019, an increase of 52% on the previous corresponding period. Statutory Profit of $23.6 million was up 81% on the prior corresponding period.

Group revenue was up 25% to $116.9 million and EBIT was up 40% to $32.2 million.

Operating cash flow of $27.2 million was up 60% on 1H19, driven by an increase in settlements and rental income, partially offset by increased investment in inventory as development accelerates.

Ingenia achieved 140 new home settlements, up 22% on 1H19, with these settlements adding approximately $1.2 million in annual rental income across the Group.

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