Arvida’s profit downgrade seen as 'transitory'

CEO Jeremy Nicoll said his company will continue to reduce traditional care beds. (Photo: Arvida)

Wed, 05 Oct 2022

Retirement village company Arvida has effectively downgraded its earnings guidance to reflect “headwinds encountered over the first half”.In a newsletter to investors, chief executive Jeremy Nicoll noted the 5.5% increase from Sept 1 in government funding for aged care, but said the company is still “contending with unfunded staff cost increases, acute labour shortages and additional costs associated with tackling covid”.The company had previously said it would target a dividend payout ratio towards the lower end of its...

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