Aged care provider Regis Healthcare has substantially boosted its final dividend as expansion and refurbishments helped lift revenue and profit.
Regis's net profit for the year to June 30 rose 31 per cent to $61.1 million, from $46.5 million, as the company increased its numbers of aged care places to 6,029 in 54 facilities, from 5,880 places across 53 facilities a year earlier.
Regis also benefited from the acquisition of Masonic Care in Queensland in June 2016, and significantly refurbished facilities which received higher levels of government funding.
Excluding one-off items in the prior year, profit rose eight per cent, from $56.8 million.
Regis declared a final dividend of 10.04 cents, fully franked, up from 5.94 cents in the prior corresponding period.
The company expects earnings in fiscal 2018 to be broadly in line with fiscal 2017, impacted by one-off expenses related to the acquisition of Presbyterian Care in Tasmania in August 2017.
Regis said the federal government's recent cuts to residential aged care funding had had minimal impact in fiscal 2017 but would have a more significant effect in fiscal 2018 and fiscal 2019.
Shares in Regis closed seven cents, or 1.9 per cent, lower at $3.69 on Friday.
EXPANSION, REFURBISHMENTS BOOST REGIS HEALTHCARE
* Full-year reported net profit up 31pct to $61.1m
* Revenue up 18pct to $565.5m
* Final dividend of 10.04 cents, fully franked, up from 5.94 cents
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