The Not For Profit operator of retirement living, aged care and home care in NSW’s Port Stephens and Hunter Valley has markedly improved its financial performance.
Treasurer Max Pride said in its 2023/2024 financial report: “It is very pleasing to report a marked improvement in our financial results for the 2023/24 financial year, which is noted in the return to a positive EBITDA position from a deficit recorded at the end of the previous year. This improvement is largely due to the positive impact of increasing aged care accommodation and retirement living prices."
In summary, the significant financial figures are:
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A total trading loss of $1.2 milllion which is a reduction of $3.8 million on last year’s loss.
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EBITDA (Earnings before interest, taxes, depreciation and amortisation) was a profit of $814,500 compared to a loss of $2.3 million last year.
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Total revenue was $32.4 million, a healthy increase of $7.2 million or 28.5% compared to last year.
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Total financial assets of $30.8 million, which increased by 9.3% during the year, and.
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Total current liabilities of $101.9 million, an increase of 4.8% in the year.
Chair Raad Richards, who announced his retirement after 21 years as CEO of Carrington Care in December last year, said: “The new branding together with our new strategy to grow and expand will position Harbourside Port Stephens in a very strong position to provide quality aged care services and retirement living to the people of Port Stephens and the Hunter.”
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