15 May 2014

Ryman speeds development

9:10 pm on 15 May 2014

Ryman Healthcare plans to accelerate the rate at which it builds new villages from 2017.

Simon Challies

Simon Challies Photo: SUPPLIED

The retirement village operator and developer plans to build 700 units this year.

Ryman also announced it has secured a site for its second village in Melbourne.

On Wednesday the company announced it had lifted annual net profit more than 42 percent, boosted by gains in the value of its properties as well as rising care and management fees.

Ryman's net profit for the 12 months ended March rose to $194.8 million from $136.7 million the previous year.

The company said underlying profit rose 18 percent, its 12 consecutive year of profit increases, and beat its own target of a 15 percent lift.

Managing director, Simon Challies, said he expected Ryman could continue to meet its earnings target.