Regis Healthcare sees positive trajectory in first half amid challenging times

January 18, 2022 04:32 PM AEDT

Be the First to Comment

Team Kalkine Media

Author

Team Kalkine Media -
25837 Posts
Team Kalkine Media comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different market...

Aged care, Regis Healthcare — Image source: © Obencem | Megapixl.com

Highlights

Regis Healthcare’s operational update indicates a rebound in earnings in the first half.

H1 FY22 RAD net cash inflow increased to AU$47.1 million from AU$4.7 million in the same period a year ago.

Average occupancy also grew over the same period.

The Company has welcomed Ms Sally Freeman as a new Board member.

Regis Healthcare (ASX:REG) provides high-quality and compassionate care and services to aging Australians. The Company has been managing the challenges put forth by the COVID-19 pandemic, impacting several of its residential aged care homes.

Despite the obstacles, Regis reported a refundable accommodation deposit (RAD) net cash inflow of AU$47.1 million for the six months ended 31 December 2021, up from AU$4.7 million in the year-ago period.

Average occupancy stood at 89.3% as of H1 FY22 (based on 7,104 available beds), up from 88.3% bed occupancy as of H1 FY21 (based on 7, 170 available beds).

Based on 7,059 available beds, Regis achieved 90.7% spot occupancy on 31 December 2021.

Regis strengthens Board with new appointment

The Company recently appointed Ms Sally Freeman as an independent non-executive director. She will also chair the Audit, Risk, and Compliance Committee.

Image source: © Saladorec | Megapixl.com

Currently, Sally is working as a non-executive director of Netwealth Group Limited and Netwealth Superannuation Services. Moreover, she serves as a non-executive director of Eastern Health, the Regional Investment Corporation, and the Melbourne Football Club. She is also an independent member of the audit committees at Healthshare Victoria, Caulfield Grammar School, and Commonwealth Games Australia.

Must Read: ASX healthcare stocks likely to cash in on COVID-19 tailwinds

Sally has a remarkable career with a vast experience of over 25 years. She has worked as a partner at KPMG and Ernst & Young, specialising in audit and risk management. She has worked in both public and private sectors across London, Singapore, Perth, and Melbourne.

Regis’ Chairman, Graham Hodges, said, “the Board welcomes Sally’s appointment as a new

independent Director and her wide-ranging skills and experience complement those of the

existing Board.”

Sally is expected to make a significant contribution backed by her profound understanding of finance, audit, risk, health, and regulatory environments.

Also Read: Three ASX-listed multibagger healthcare stocks