Australian Unity Group increases operating earnings by 21 percent

Financial services, healthcare and retirement living company Australian Unity Limited (Australian Unity) has reported operating earnings1 of $38.2 million for the year ended 30 June 2014 compared to $31.6 million reported in the previous year.

This result was led by the strong performance of the Retirement Living business, which recorded a 69 percent increase in adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA)2.

The Group’s revenues3 of $1.3 billion increased 7.2 percent (2013: $1.2 billion).

While the Group’s combined portfolio of businesses experienced solid revenue and operating earnings growth this was offset by lower investment earnings compared to the prior year. Investment income was $18 million
(2013: $27 million, including some material non-recurring items). The Group’s results were also partially affected by higher than anticipated claims costs in the corporate health fund.

Profit after tax for the year ending 30 June 2014 was $29.6 million compared to $29.4 million in 2013.

Result Overview:

– Revenues $1.30 billion, up 7.2%
– Operating earnings $38.2 million, up 21%
– Profit before tax $35.1 million, down 0.8%
– Profit after tax $29.6 million, up 0.8%
– Members’ funds $508 million, up 6.2%
– Health claims paid $655 million, up 9.4%
– Funds under management $7.4 billion, up 3.5%
– Funds under advice $3.5 billion, up 12%
– Retirement Living development projects of $447 million
– Value of Retirement Living developments completed during the year $126 million