Australian Unity’s Independent & Assisted Living brand makes $27.5M EBITDA in HY22 – The Weekly SOURCE

Australian Unity’s Independent & Assisted Living division saw its revenue increase by 18.2% in its newly released Half Yearly results.

The mutual company, founded in Melbourne in 1840, said its retirement village units increased by 253 to 2,749 and it now owns more than 1,000 aged care beds.

Sales for its retirement villages were up over 90% on a like-for-like basis in 1HFY22 vs 1HFY21.

“Our deposit book has also increased by over 25% as at 31 Dec versus the prior year, with expectations that high settlement volumes will continue,” said an Australian Unity spokesman.

Australian Unity attributed the division’s strong 1H FY22 performance to a number of factors, including:

  • Successful sales initiatives and focus on renovation and release of dormant stock at our largest and most mature villages;
  • Market factors around COVID, particularly in NSW where restrictions began easing for most of 1H; and
  • Release of pent-up demand due to prior year lockdowns, market restrictions.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Independent & Assisted Living was $27.5 million, an increase of $1.1 million or 4.2% on 31 December 2020.

Australian Unity bought Greengate Group for $65 million in July last year. Greengate owned three newly operational vertical co-located retirement village and aged care facilities – two in Sydney (St Brigid’s Green, Maroubra and St Patrick’s Green, Kogarah) and one in Brisbane (St Luke’s Green, Woolloongabba). The three sites added 253 independent living units and 275 residential aged care beds to Australian Unity’s roster.

In addition, the Greengate portfolio included a prime development site in Brisbane (Auchenflower) that has approval for a vertical co-located retirement village and residential aged care precinct.

Australian Unity owns and operates 10 co-located retirement villages and residential aged care precincts, and 14 standalone retirement villages, across NSW, VIC and QLD.

Australian Unity announced a profit after tax of $15.5 million for the six months to 31 December 2021, a 149% increase on the $6.2 million profit after tax reported in the prior corresponding period.