Illawarra Retirement Trust (IRT), a Southern NSW provider of aged care and retirement living services, has announced impressive financial results for the fiscal year ending June 30, 2024.
The company reported a significant increase in total revenue, rising 39.3% to $352.6 million, driven by improvements across its aged care, home care, and retirement village businesses.
A key highlight of the year was the successful acquisition of two Marco Polo residential aged care facilities, which contributed $33 million in additional revenue and a net profit of $0.6 million. This strategic move expanded IRT’s portfolio and strengthened its market position.
IRT’s profit for the year reached $43.6 million, a substantial turnaround from the $4.5 million loss reported in the previous year. According to the Annual Report, improvement can be attributed to increased government and resident income, high occupancy rates in retirement villages, and a 9.6% growth in Home Care Packages.
The company’s balance sheet remains robust, with net assets of $450.5 million and cash and investments totalling $203.7 million. IRT invested $37.5 million in capital expenditure for aged care and retirement village refurbishments, as well as the development of new facilities.
