SA Masonic Homes Limited announce record annual revenue
Adelaide based Masonic Homes Limited, a leading seniors care and lifestyle options provider, have announced a record annual revenue of more than A$42 million for the full year to 30 June 2008 .
The strong performance is 11% higher than the previous full year result of $37.8 million, and comes amid a strategic multi million dollar expansion program by Adelaide based Masonic Homes, in its South Australian and Northern Territory operations.
The latest full year result means Masonic Homes has more than doubled its annual revenue in just four years, in what chairman, Mr David Brooks, said is a clear signal of a thriving, progressive and growing business in the seniors care and lifestyle sector.
Net profit for the period eased to $6.5 million from $8.3 million as Masonic expended more than $35 million during the year on its operations and expansion program.
Masonic’s growth strategy saw total asset values by end of the year soar more than 30% to $195.1 million from $147.7 million in the previous corresponding year.
The organisation in recent months has announced a $200 million commitment to expand its portfolio of seniors accommodation and lifestyle options in South Australia and the Northern Territory – including the largest ever expansion of care and retirement living choices in the Top End.
The chief executive officer (CEO), Mr Doug Strain, warned that industry providers needed to be far more mindful of the speed of change among people and processes within what he termed a “very dynamic aged care sector”.
“The industry derived its roots from services established by churches and charities in the 1950s and 1960s, when few retired before 65 and the Government pension was their prime source of income,” Mr Strain said.
“Clearly, things have changed dramatically with people now retiring both earlier and wealthier. They are also living longer and have much greater expectations of their retirement lifestyle.”
Among the highlights for Masonic Homes last financial year were its transition to a company limited by guarantee, its adoption of state-of-the-art electronic rostering and monitoring systems, and its continued focus on creating an industry leading aged care workforce.
