AGM season in full swing: Aveo
Continuing with the retirement theme, at Aveo's AGM, FY-16 guidance was provided for an underlying profit after tax of over $80m (>45% increase on the FY-15 underlying profit after tax). A full year distribution of 8 cents per security is forecast (an increase of 60% on the FY-15 distribution of 5 cents per security).
Strong sales of retirement units (both newly developed units, and resales) have occurred for the financial year to date, and is expected to continue. A new DMF contract format (called Aveo Way) has been well received, and the focus on developing the in-home care and support offering continues. Aveo's non-core residential property has continued its strong sales performance, as the exit from this business continues.