Summerset shares fall 8.8% on no growth for FY2020

Tue, 25 Feb 2020

Summerset shares tumbled 8.5 percent after it said it isn’t expecting any underlying growth this year - for the first time since listing - because it is paying its workers more and development margins are falling.The retirement village operator and developer said its full-year underlying net profit for the year to Dec. 31 was $106.2 million, versus $98.6 million in the prior year. The underlying earnings strip out fair value movements of investment property but add back the realised gains associated with re-sales and the development margin...

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