New DMFs fuel revenue growth for NZ’s Metlifecare, owned by EQT

NZ provider Metlifecare, which was bought by Swedish equity firm EQT in June 2020, has seen its revenue increase by 32% over the past six months. Operating revenue from continuing operations was $98.3 million, a 31% increase compared to the six-month period to 31 December 2021 ($74.9 million), due to strong growth in deferred management fees from resales and new development village sales, and six months’ revenue from six retirement villages acquired from The Selwyn Foundation in February last year. Sales in retirement villages were up 21.3% to NZ$33.9 million (21.3%) higher than the prior comparable period and total sales for the period increased by 12.0%. The retirement village and aged care operator reported its net profit after tax fell from NZ$114 million 12 months earlier to NZ$12.8 million for the six-month period ending 31 December 2022. The net profit sunk due to a fair value gain on investment property of NZ$46.7 million (compared to a fair value gain of NZ$129.6 million at 31 December 2021). Metlifecare, whose CEO is Earl Gasparich (pictured), owns and operates 36 retirement villages, 20 co-located aged residential care centres and more than 4,600 independent living units. EQT is also the owner of the Levande brand in Australia, having bought Stockland’s 58 retirement villages and 10 communities in development in March last year.