Despite reporting a loss of $1.8 million IRT Group increased its asset base to $1.24 billion during the 2017/18 financial year.
IRT opened a new retirement village and expanded its home care business in the 12 months to June 30.
At Thursday’s annual general meeting IRT Group chief executive Patrick Reid reported that, despite a difficult financial environment, the organisation achieved a number of significant milestones.
It now boasts 19 aged care centres, 28 retirement villages and six home care regions across NSW, South East Queensland and the ACT, that generate annual income of $185.9 million.
Mr Reid said nearly 2400 employees delivered accommodation, care and support to almost 8000 customers. Their work achieved an 88 per cent customer satisfaction rate.
IRT Foundation’s social impact programs directly impacted 6813 lives and focused on tackling homelessness, ageism and social isolation. IRT’s Assistance with Care and Housing program helped 81 clients. The foundation staged its third successful Career Check Up Expo for Mature Workers.
And 680 volunteers supported IRT’s customers and their families.
Mr Reid said the aged care industry experienced some tough times financially.
Last year 43 per cent of aged care providers made an operating loss, according to the StewartBrown March 2018 Aged Care Financial Performance Survey.
IRT was among them, reporting a loss of $1.8 million.
However, the organisation achieved a net profit of $35.3 million, as a result of fair value adjustments on its property portfolio.
Mr Reid said IRT is on track to return to surplus this year.
“Our new strategic plan has a strong focus on serving regional communities and will ensure we achieve long-term financial sustainability so that we can deliver the care and support our customers deserve well into the future,” he said.
During the year IRT Group:
- Opened its newest retirement village, Parkside at IRT Pioneer Place, in Wollongong’s CBD
- Acquired Merimbula Home Nursing Service, which provides home care to 600 customers
- Spent $15 million on enhancing and upgrading its existing retirement villages and aged care centres
- Continued expansion of IRT Woodlands on Queensland’s Sunshine Coast
- Successfully tendered to purchase land to build a new community in Canberra
- Celebrated 25 years of providing home care services.