We wish to take this opportunity to update you on our growth plans for 2009.
Firstly, we wish to reassure you that we are continuing to trade well, in what has been a
challenging climate for many businesses. In November, when we reported our first half
result, we projected that our realised profits would be as good, if not slightly better,
in the second half. We are trading in line with this guidance.
I am pleased to report that demand for our villages remains strong and construction of
our new villages is continuing apace. Our first townhouse residents have moved in at the
Jean Sandel Retirement Village in New Plymouth, with the main complex (serviced
apartments, village centre and the resthome/hospital) opening shortly.
In Whangarei the Jane Mander Retirement Village is well advanced with our first townhouse
residents settling in April, and the main complex on track for completion by the end of
September. The Evelyn Page Retirement Village in Orewa is now under construction with
the first townhouses scheduled for completion in June this year, and the main complex to
open later this year.
Planning is underway for our new villages in Dunedin and Gisborne, and as always we are
on the lookout for sites for new villages!
Our annual result will be announced to the NZX on 21 May, and you should expect to
receive your personal copy of the annual report by 30 June.
With a profit release for Ryman out this Thurs 21 and a drop of 8c in the share price today on reasonable volume, Ryman watchers might be thinking the news will not be so good.
I am betting that there will be reasonable write-downs of assets and a possible loss for that reason.
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