Ingenia Communities shares gain after HY profit boost
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More news: Ingenia Communities shares lifted after the property group doubled its first-year profit after increasing settlement numbers during the period and reiterating its upgraded full-year earnings guidance.
Ingenia shares were up 2.1% to $5.75 at 2:30pm AEDT, extending gains of around 25% since the turn of the year.
Ingenia doubles first-half profit, reaffirms guidance
The news: Seniors-focused property group Ingenia Communities had doubled its half-year profit after lifting settlement numbers, and reaffirmed its recently-upgraded full-year earnings guidance.
The numbers: Net profit for the six months to December doubled to $87.6 million, while underlying profit was up 58% to $68.8 million. Revenue rose 21% to $256.9 million and the company will pay an interim dividend of 5.2 cents a share, unchanged from a year ago.
The context: Ingenia said new home settlements jumped 47% from a year ago to 258, with an increase in average home sales price and margin. Its Lifestyle Rental portfolio also benefited from rental increases, delivering a 14% improvement in earnings.
“We are seeing the benefits of our clear strategy and the changes to our organisational structure and operating model begin to emerge,” CEO John Carfi said.
The company said it is on to deliver its FY25 guidance for EBIT of $162 million to $165 million, which it upgraded in January. It said development is being accelerated to drive revenue growth and generate recurring rental cash flows.
The source: ASX announcement
