Saturday, 18 August 2018

Announcement

MKTUPDTE: SUM: Summerset Revises Earnings Guidance Upwards for 2017

19 Dec 2017 12:37NZX
NZX & ASX RELEASE

19 DECEMBER 2017

SUMMERSET REVISES EARNINGS GUIDANCE UPWARDS FOR 2017

Summerset Group has revised its earnings guidance, with underlying profit for
the year ended 31 December 2017 now forecast to be in the range of NZ$77
million to NZ$79 million.

This is an increase on the previous guidance given of NZ$72 million to NZ$75
million and represents an increase on the previous year''s underlying profit
of between 36% and 40%. The group has delivered average annual underlying
profit growth of approximately 46% since listing on the NZX in 2011.

Summerset CEO Julian Cook said, "we have seen ongoing strength in resales
volumes and margins as well as good margins on new occupation right sales.
Sales interest and time from contract to settlement remains very good and we
expect this to continue into the new year."

No forecast has been provided for NZ IFRS net profit after tax due to the
inherent uncertainty in fair value movement of investment property, a key
component of this profit measure.

Underlying profit differs from NZ IFRS net profit after tax. This profit
measure is provided to assist investors in determining the realised and
non-realised components of fair value movement of investment property and tax
expense in the Group''s income statement.  Underlying profit is an
industry-wide measure which the Group uses consistently across reporting
periods.  Both underlying profit and NZ IFRS net profit after tax are
audited.

ENDS

For investor relations enquiries:
Scott Scoullar
Chief Financial Officer
scott.scoullar@summerset.co.nz
04 894 7320 or 029 894 7317

For media enquiries:
Michelle Brooker
Senior Communications Advisor
michelle.brooker@summerset.co.nz
04 830 1106 or 021 225 9624
End CA:00312164 For:SUM    Type:MKTUPDTE   Time:2017-12-19 12:37:34
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