The Not For Profit health and aged care provider, which specialises in dementia care, achieved a net surplus of $14.6 million in 2023-24, compared with an underlying net loss of $22.4 million the previous year.
HammondCare's revenue increased 23% to $586 million, driven by a 35% increase in revenue from residential aged care to $236.6 million.
Residential aged care recorded a deficit for the year of $500,000, an improvement of $16.6 million over the previous year.
HammondCare at Home helped the group's return to profitability, with a profit of $6.7 million in 2023-24, compared with a deficit of $7.7 million the previous year.
The 2024 Annual Report contained the following highlights:
- Andrew Thorburn took up the role of CEO in June 2024 after high-profile CEO Mike Baird announced he was stepping down.
- Its residential aged care home in Hammondville, 31km southwest of Sydney's CBD, will undergo a $63 million redevelopment, including adding two multi-storey care homes where complex aged care and dementia care will be delivered. Construction is expected to start in 2025.
- Three new Specialist Dementia Care Units (SDCU) will be opened at HammondCare Erina, 81km north-northeast of Sydney's CBD, and Daw Park, an inner southern suburb of Adelaide, expanded the group's expertise in caring for people living with complex dementia. HammondCare now has seven SDCUs – four in NSW, two in SA and one in Victoria.
- HammondCare also opened a new 70-bed dementia village in Adelaide at the Repat Health Precinct in Daw Park, as part of a Federal and State Government partnership.
Read HammondCare's Annual Report 2024 here.
