AVEO ON TRACK TO EXCEED FY13 RESULTS

AVEO ON TRACK TO EXCEED FY13 RESULTS
AVEO GROUP (ASX: AOG) is anticipating a strong end to the financial year, predicting strong sales and projected growth, as it continues to focus on retirement assets.

Living units and serviced apartments sales in the Retired Established Business division totalled 494 in FY14 to date, a 15 per cent increase in settlements compared to this time last year.

CEO Geoff Grady (pictured) says it shows that the decision to rationalise non-retirement assets is paying off.

“We are very pleased with the continued strength of our residential portfolio sell-down.

“On settlement, these sales will see the realisation of a very significant decrease in the Residential Communities and Apartments balances, which at 31 December 2013 totalled $326 million and $170 million respectively,” he says.

Residential Communities and Apartments contracts for FY14 have increased 68 per cent to $426 million.

It follows solid performance from land estates, including Rochedale in Brisbane and Peregian/Ridges on the Sunshine Coast.

“On current rates of sale we would also expect Rochedale to be fully sold in three to four years and Peregian/Ridges to be fully sold in four to five years.

“While we continue to talk to interested parties, even if an en-globo sale of one or more of the land banks were not to eventuate, we would still see the majority of the Residential Communities balance of $326 million realised by the end of FY16.”

AOG has confirmed its underlying profit guidance remains up on FY13 results.

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