The operator of 36 villages, with a mix of independent living, aged care, hospital and dementia units, achieved a slight increase in profit to $NZ90 million in the six months to September.
The gross value of sales rose 2% in the six-month period, with 285 sales including 102 new sales and 183 resales, with unit pricing up 4% on 2023's valuations.
"In a challenging housing market both the volume and value of our sales exceeded the same period last year," said Arvida Chief Executive Jeremy Nicoll (pictured), who spoke at the LEADERS SUMMIT 2023 MASTERCLASS in Sydney in August.
"The second quarter though to September was our best ever with a solid upswing in resales activity."
The level of retirement units under application was 24% ahead of the same time last year and at record levels.
Key financial numbers for the 6 months ended September compared with a year ago:
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Net profit $NZ90m ($NZ89.2M),
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Underlying profit $NZ33.6M ($NZ38.9M),
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Revenue $NZ122.1M ($NZ109M),
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Resale margins 28% (30%).
The business has set a FY24 delivery target at 200 units and has announced two development sites, increasing its land bank to 2,200+ units.
Browse the retirement homes and villages at villages.com.au
