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Ingenia Communities Group (ASX:INA) - CEO, Simon Owen
CEO, Simon Owen
Source: Ingenia Communities Group
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  • Ingenia Communities (INA) has announced an underlying profit of $77.2 million for FY21, an increase of 31 per cent from the previous financial year
  • Revenue has also increased by 21 per cent to $295.6 million, while earnings before interest and taxes increased by 31 per cent to $94.4 million
  • An increase in rental sites, new house settlements, and performance from the group’s holiday communities all contributed to the positive growth
  • Ingenia delivered a record 380 new house settlements across its development projects, up 17 per cent from FY20
  • Shares in Ingenia rounded off the day of trading up 1.5 per cent to $6.09

Ingenia Communities (INA) announced an underlying profit of $77.2 million for FY21, marking a 31 per cent increase on FY20 as border closures drive demand for holiday parks.

Revenue increased by 21 per cent to $295.6 million, while earnings before interest and taxes increased by 31 per cent to $94.4 million. Operating cash flow was $137.6 million, up 105 per cent from the previous year.

An increase in rental sites, new house settlements, and performance from the group’s holiday communities all contributed to the positive growth.

Ingenia CEO Simon Owen said intrastate and interstate travel is buoyant, fueling demand to the company’s holiday parks.

“There are now over 741,000 caravans and campervans registered in Australia – the highest ever on record – reflecting the increasing demand for domestic travel,” he said.

“With an unrivalled network of 29 coastal parks spanning from Torquay on the Victorian Surf Coast through to Cairns in Tropical North Queensland Ingenia is uniquely poised to benefit from many Australians newfound fondness to holiday at home. We believe the five-year outlook for our holiday parks is incredibly positive with considerable tailwinds in place.”

Mr Owen said demand drivers have remained strong for retirement properties.

“An ageing population, housing affordability issues and the appeal of community living post COVID-19 isolation will continue to make Ingenia’s communities an attractive proposition,” he said.

“More than ever residents’ capacity to fund a comfortable lifestyle is challenging and downsizing to one of our communities is an effective way to make a significant difference to the quality of lifestyle for our residents.”

Despite circumstances being affected owing to lockdown limitations, Ingenia delivered a record 380 new house settlements across its development projects, up 17 per cent from FY20. A further ten new homes were settled in the Group’s funds operations.

The company’s development pipeline continues to expand on the back of the addition of thirteen established communities and land acquisitions with 4220 potential home sites owned or secured.

“There continues to be solid ongoing demand for our communities and our uninterrupted resident rental streams provide a strong defensive element to our business model.

“Throughout COVID-19 the strength of our rental business has been demonstrated, with our lifestyle residential rental income up 38 per cent and Ingenia Gardens at a record 96 per cent occupancy.

“Funds management remains a key growth platform for the group as we move forward with plans for a new $100 million Fund.”

Ingenia said full year distribution is 10.5 cents per stapled security, representing a rise of 5 per cent on a cents per security basis. The 2H21 distribution of 5.5 cents per security will be paid on 23 September 2021.

Shares in Ingenia rounded off the day of trading up 1.5 per cent to $6.09 per share.

INA by the numbers
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