The Melbourne-based provider of disability and aged care services across Australia has reported a comprehensive loss for the year of $29.2 million, compared with a loss of $6.1 million the previous year.
The result was "deflating," said genU Chair Ingrid Williams, attributing the deficit to depreciation, losses on standalone non-core asset sales such as childcare (Pipsqueaks), residential aged care (Costa House), and recruitment services (IPA), and property devaluations.
However, during the year, the organisation made the strategic decision to narrow its focus "for financial viability". It has modernised its business systems and processes to ensure it's equipped to operate in the contemporary landscape, and invested in its core capabilities of disability, ageing, employment, and training services.
"These decisions – while contributing to our financial results in the short term – ensure we can continue providing high quality disability, ageing, employment, and training services well into the future," said CEO Clare Amies.
genU provided home care services to more than 2,600 older Victorians during the year under both the Home Care Packages program and the Commonwealth Home Support Program (CHSP). The provider also operates two retirement villages in Victoria, Barwarre Gardens in Marshall, a residential suburb of Geelong, 75km south west of Melbourne, and St Laurence Park in Lara, 60km south west of Melbourne.
Retirement village Barwarre Gardens is home to 260 residents, and genU plans to redevelop St Laurence Park to double the number of homes available is progressing with a masterplan submitted for planning approval, and the project expected to take up to eight years.
genU's retirement villages operated at 98% occupancy in 2023-24.
