The New Zealand continuum of care operator announced a record full year underlying profit for the year ending 31 December 2024 of NZ$206.4 million, up 8% on FY23, yet recorded a lower net profit net profit of NZ$339.8M (NZ$425.3M 12 months earlier) due to weaker property valuations.
Summerset Group said it was taking “a measured and cautious approach to our Australian development as we build our knowledge of that market.”
Summerset CEO Scott Scoullar said the company’s Australian development in Cranbourne North, 39km southeast of Melbourne’s CBD, continues to progress with 32 homes sold.
“Our Cranbourne North village is on track and we’ve commenced construction on the village’s main building which will be home to our first Australian care residents when complete,” he said.
“We’ve also started construction at our second village in Chirnside Park and we have been granted planning permits for our Torquay and Oakleigh South villages.”
Summerset said it is considering no longer accepting referrals residential aged care clients from the public health system, blaming government underfunding.
"While we've created greater financial certainty for ourselves, and our residents, by moving to care ORAs (occupation right agreements) at many of our villages there is still a major gap between our aged care funding and the costs of running our care centres,” Scott said.
"We are currently reviewing our policies and where this funding gap is leaving us. We will have to consider making our care centres available to our village residents only and no longer accepting referrals from the public health system."
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