Ryman Healthcare trading ahead of expectations

Media Release – August 5, 2005

Ryman Healthcare trading ahead of expectations

Listed retirement village operator Ryman Healthcare is trading ahead of expectations in the current year, the company’s annual meeting of shareholders heard in Christchurch today.

Ryman recently reported an annual net profit of $23.5 million, up 28 percent on last year.

The company also announced today that its new retirement village in Wanganui is to be named after pioneering NZ aviatrix Jane Winstone, who was killed in her Spitfire during World War 2.

Ryman recognises special achievements by pioneering women in history by dedicating villages in their honour.

These include the Grace Joel village (Auckland), Hilda Ross (Hamilton), Princess Alexandra (Napier), Malvina Major and Rita Angus (Wellington), Shona McFarlane (Lower Hutt), Ngaio Marsh (Christchurch), Frances Hodgkins (Dunedin) and Rowena Jackson (Invercargill).

The Jane Winstone village will follow the model of other Ryman Healthcare villages throughout the country with independent townhouses, serviced apartments, a resthome and a village recreation centre.

It will be the 14th retirement village owned and operated by Ryman Healthcare. The village will cater for up to 150 residents on completion. Construction has started and the village is expected to open early in 2006.

The group is currently building in Auckland, Hamilton, Napier, Wanganui, Lower Hutt and Invercargill.

Chairman David Kerr said the Jane Winstone village was an example of Ryman’s plans for growth. It will help meeting the target of increasing profits in the medium term at the rate of 15 percent per annum.

``Our aim is to grow profits and dividends by developing new villages. We are currently trading ahead of expectations and should exceed our target of 15% growth this year,’’ he said.

``We are very happy with our expansion path and we are committed to sustaining this high level of growth.’’

Ryman increased its latest annual dividend to shareholders from 9c to 11.5c as a result of a successful financial year.

It has experienced six years of substantial growth since floating on the stock exchange by continually expanding its portfolio of retirement villages.

It has assets of 1270 retirement units and 1077 resthome / hospital beds with a landbank to develop a further 866 units and 391 beds.

Ryman employs 1300 staff and provides services to over 2500 residents throughout New Zealand.

ENDS

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