Lifestyle Communities FY24 Half Year Results

Lifestyle Communities FY24 Half Year Results

1. Lifestyle Communities reported a net profit after tax of $20.8 million in FY24 H1, a decrease from $25.2 million in the previous comparative period.
   
   

2. The company has ten projects in active development and plans to launch two more in 2024, marking the most projects in its history.
   
   

3. Annuity revenue increased by 16% due to higher rental revenue from more homes under management and a 6.6% year-on-year rental increase.
   
   

4. Despite challenging market conditions in 2023, including rapid interest rate rises and high inflation, the company holds over 420 presales contracts valued at over $287.4 million.
   
   

5. A fully franked interim dividend of 5.5 cents per share was declared, consistent with the prior year.
   
   

6. The company maintains its 3-year settlement guidance of 1,400 to 1,700 new home settlements between FY24 and FY26.
   
   

7. Lifestyle Communities purchased four sites in the first half of FY24 and is exploring more land acquisition opportunities.
   
   

8. The company launched Club Lifestyle, a brand differentiator offering free holidays to homeowners, which has significantly driven enquiry.
   
   

9. A new small land footprint product is being introduced in Yarrawonga, targeting younger baby boomers and Gen X.
   
   

10. The company expects to welcome first homeowners at Phillip Island and commence construction at Yarrawonga and Ocean Grove in the second half of 2024.
    

11. Lifestyle Communities has a strong operating business with a 16% revenue increase and high interest in resales, with homes averaging 57 days on the market and a 10% annual growth in home prices.

This announcement is a summary of the company approved ASX announcement on 22/2/2024.