Eureka Executive Chairman, Murray Boyte, said the nation's only purely rental retirement village operator is set to embark on a new chapter under the leadership of Simon Owen, who will begin the role of CEO on 12 September 2024.
"With his experience in leading property and retirement living businesses, I am confident that Simon will build on the momentum already underway in driving scalability across our Australia-wide portfolio in a sustainable way to deliver excellent services to our residents and long-term value for our shareholders," Murray said as the business announced its FY24 Financial Result.
Simon's appointment as Eureka CEO was announced on 15 August. The former CEO of Ingenia Communities then revealed why he had taken the role at Eureka.
Eureka, which spent $2.1 million successfully staving off Aspen Group's takeover bid, delivered EBITDA (earnings before interest, taxes, depreciation, and amortization) of $15.2 million, an increase of 20% on the prior year, driven by strong resident demand, rental price rises and the $44 million purchase of six Ingenia Gardens rental villages in Western Australia.
Statutory net profit after tax of $13.2 million was down from $19.2 million due to a lower level of property revaluations, an increase in interest on debt and the costs of defending Aspen’s takeover bid, which the company admitted was "a significant constraint on Eureka’s business during the second half of the financial year".
“It is pleasing that the underlying EBITDA and earnings per share were in line with guidance and it reflects the quality of our assets and our sustained high occupancy levels across the portfolio," said Murray.
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