- Ingenia posts strong numbers with 4% growth in revenue, and 110% in operating cash flow
- Property portfolio currently sits at $145M for FY21
- Underlying profit up 24%, statutory profit up 38%
Ingenia (ASX: INA) recently released its half-yearly results.
The figures indicate a continued trend of real estate companies posting strong figures across the board, a welcome display of strength and resilience from the industry.
Overall, the company has posted growth almost across the board, with figures up across revenue, EBIT, and operating cash flow.
Underlying EPS was down 6% to 10.1 cents.
Ingenia has likely seen the benefits of recently reported low vacancy rates across the nation, with rental revenue up 15%, now sitting at $57.4M.
Whilst most of the key financial indicators show healthy growth for Ingenia, the company state the drops in underlying EPS are due to impacts “by an increase in weighted average securities on the issue as a result of equity raising and higher effective tax rate.”
EBIT continued to grow with the business, JobKeeper a welcome buffer of $5.1M.
The subsidy was stated to have partially mitigated the impact of the pandemic in the first quarter, but as restrictions eased, earnings likewise picked up in the holiday business, particularly with school holidays.
Despite closed international borders, Ingenia doesn’t just hold out hope for the holiday arm of Ingenia, it’s up 12%.
Expecting a strong year ahead, the company is expecting the addition of new communities and properties in Victoria and NSW to help grow the business, with caravan parks attracting an all-time high number of patrons; two Ingenia properties even entered Tripadvisor’s “Australia’s 10 Favourite Campgrounds in 2020”.
For the full half-yearly presentation head to Ingenia’s website.
