PHOTO: GERARD O'BRIENThe share price for retirement village operator Summerset Group rose after the announcement of an improved profit in the six months ended June. Revenue increased 29% to $63.8million from $49.3million and the reported profit soared 44% to $24.7million from $17.1million in the pcp. Along with growing customer demand, the latest figures continued to support Summerset as Craigs' No1 pick in the retirement sector, he said. While resale margins could be volatile, the improved result reflected strong growth in regional North Island house prices where Summerset's portfolio was more heavily weighted than listed peers. The main area of concern Craigs had for Summerset was about its balance sheet but Mr Timms said it too had surprised to the upside.

Source: Otago Daily Times August 15, 2016 18:00 UTC