”Our care suite product now a core part of future”
To read Arvida’s full FY23 financial report, click HERE
The New Zealand operator has posted a record underlying profit of NZ$88 million for FY23, up 20% on the previous 12 months.
“We continue to experience high demand for our care suite product with it now forming a core part of our standard master plan for new greenfield developments,” said Arvida CEO Jeremy Nicoll, who will be in Sydney speaking at the DCM Group’s LEADERS SUMMIT MASTERCLASS: New Communities in August.
Arvida bought a further two greenfield sites during the year, including 11ha in Lincoln in NZ’s South Island, and 55ha in Warkworth, on the North Island. Overall, the group achieved record resales and new sales in FY23.
“We have had a very strong year for sales, up 16% on the prior year to NZ$376.4 million,” Jeremy said. “The retirement living side of our business continued to experience high demand and delivered solid sales performance for the year.”
Resale gains increased 59% on the year earlier to $69.1 million, including a full-year contribution from the villages purchased in November 2021, as well as higher resale prices and improved margins to 32% from 26%. Sales volumes were also up 10%, to a total of 371 units. To read Arvida’s full FY23 financial report, click HERE.
