Ingenia shares jump on FY guidance boost
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More news: Ingenia shares climbed on the ASX after the holiday parks and retirement villages owner said that it expects to deliver at the upper end of its full-year guidance.
Shares were up 3.8% to $4.90 by 12:30pm AEST.
Ingenia expects to meet top end of FY24 guidance
The news: Property group Ingenia is on track to deliver at the upper end of its guidance range for the 2024 financial year, buoyed by "stable" recurring rental income on continued demand and high occupancy levels.
The numbers: The holiday parks and retirement villages owner said it expects to meet the top end of its FY24 guidance, targeting EBIT growth of 10% to 15% and underlying earnings per share of 20.8 cents to 22.3 cents.
Ingenia, which has more than 9,000 rent-generating sites, said its holiday parks have continued to experience strong demand over the third quarter, with forward bookings up 5% year on year for the 12 months to May 2025.
The group said it added $125 million to its debt facilities, which now total $905 million.
The context: Ingenia said that a large portion of its land lease rental base continues to achieve above-inflation rent growth and occupancy remains high across its segments. It holiday parks are expected to see ongoing growth across its eastern seaboard locations, as families continue to be attracted to the "ease and relative affordability" of domestic drive travel.
Ingenia's CEO John Carfi, who has been in the role since March, noted that the company has seen cost growth outpacing revenue growth and it will seek more opportunities to drive cost reduction in the near to medium term.
The source: ASX announcement
