Australian Unity (AU)'s March 2024 acquisition of myHomecare Group helped the company grow revenue by 35% to $1.3 billion in its HY 2024-25 results, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 30% to $58 million.
Net profit after tax was $11.7 million, compared with only $1.4 million in the previous corresponding period.
Home Health
The $258 million myHomecare acquisition saw HY 2024-25 revenue in the Home Health division more than double to $473.8 million.
Australian Unity is transforming the Home Health's division's operating model to meet growing need and increasing customer expectations, and in preparation for the introduction of Support at Home from 1 July 2025. In HY 2024-25, the group recorded transformational expenses of $11.5 million, compared with $8.7 million for the HY 2023-24 results.
Residential Aged Care
In the residential aged care division, revenue increase 12% to $113.6 billion, while EBITDA declined 6.2% to $18.7 million.
Revenue was buoyed by increased Government funding to support wage increases under the Fair Work Commission’s Aged Care Work Value Case, and the increase in mandated minimum care minutes from October 2024.
Operating expenses rose 16.7%, due to an increase in wage and wage-related costs, higher utilities expenses, and increased repairs and maintenance expenses.
Occupancy in Australian Unity's 11 aged care homes, which are integrated into its retirement villages, was 97% (see table below).
The operator's luxury aged care home The Alba, which opened in August 2023 and has RADs of up to $2.3 million, was at 98% occupancy only 16 months after opening.
Sales were also strong at The Walmsley in Kilsyth, Victoria, home, which opened in November 2022.
Retirement Living
The Wealth & Capital Markets business's retirement communities portfolio, which includes 24 retirement villages across New South Wales, Victoria and Queensland, achieved 80 resale settlements (revenue of $34.2 million), down from 125 for the six months to 31 December 2023 (revenue of $42.4 million).
Occupancy was 94% as of 31 December 2024, slightly down from 95% as of 30 June 2024.
Australian Unity is a member-owned mutual company that provides health, financial and aged care services. It issues Mutual Capital Instruments (MCIs) on the Australian Stock Exchange which allows it to raise capital while maintaining its mutual structure.
Access the results here.
