This article is from the Australian Property Journal archive
LIFESTYLE Communities (ASX:LIC) reported a $25.2 million profit for the first half of FY23, a $2.3 million knock from the same period last year after seeing fewer new home settlements.
LIC’s net profit after tax of $25.3 million for the period ending 31 December 2022 was down from $27.5 million, after reporting 141 new home settlements compared to the previous corresponding period’s 161.
Lifestyle Communities’ shareholders received an interim fully franked dividend of 5.5 cps, up from 4.5cps for the same period in the prior year.
With EPS at 24.3 cents, down 7.95% from 26.4 cents in the pcp.
At $92.9 million, revenue was down 1.06% from 93.9 in the pcp.
LIC reported a 20.7% increase in annuity income, after a higher rate of rental revenue from an increased number of homes under management. On top of higher deferred management fees.
“It’s been an exciting time for the business as we have brought four new projects to market in the space of six months. These new projects and the three more that will launch in the second half of FY23 are a key catalyst for a planned step up in our settlements in the second half of FY24 and into FY25,” said James Kelly, managing director at LIC.
“We are happy with the sales results at our new projects and demand for high quality affordable housing remains strong.”
LIC’s portfolio comprises of 5,599 home sites, with occupancy at 66% or 3,334 home sites are occupied by 4,773 homeowners as at 31 December 2022.
Total assets were at $1.084.3 million, up from 925.9 million in the pcp, with equity at $474.3 million from $400.3 million and cash and cash on deposit up 102.3% to $1,050 million.
Net debt was up to $350 million from $273.5 million, with net debt to net debt plus equity at 42.5% from 40.6%.
Gearing was at 42.5%, up from 40.6% in the pcp. While LIC’s existing debt facility increased by $150 million to a total of $525 million over the period.
LIC maintained its previous guidance of delivering between 1,400 to 1,700 new home settlements between FY23 and FY25.
