Murray Boyte, Executive Director and Acting CEO, told The SOURCE it has identified potential acquisitions as it seeks to expand its portfolio.
Eureka Group released its FY23 Financial Results last Tuesday, showing the Brisbane-based business had increased:
- Statutory net profit after tax to $19.2 million (FY22 $8.2 million);
- Revenue by 22% to $36.4 million (FY22 $29.7 million);
- Underlying EBITDA 19% to $12.6 million (FY22 $10.6 million);
- Portfolio value to $56.9 million, including $25.3 million valuation uplift; and
- Occupancy to 99% at 30 June.
“We are full to brim and have the capacity to acquire more properties,” said Murray.
In FY23, Eureka bought three rental villages totaling 151 units, together with 37 individual unit acquisitions, increasing the total number of owned units by 13% to 2,551 units.
Its completion of a $28.2 million Entitlement Offer saw the money used to buy villages in Tamworth, the regional NSW city located almost midway between Brisbane and Sydney, and Horsham, 297km northwest of Melbourne, and develop its greenfield site in Brassall, 45.5km west-southwest of Brisbane.
“Excellent progress is being made at our Brassall development in Ipswich, with the 10 units in stage one being completed and leased last month. 70% of the project is now leased and remains on target for completion by January,” added Murray (pictured above).
Eureka owns 33 villages, five of which are owned in a joint venture and has 13 villages under management, representing 2,551 units at the end of the year (2022: 2,507 units).
The SOURCE: Murray and the senior management team have righted Eureka’s ship and put in new engines.