The Illawarra-based IRT Group this week celebrated both a milestone and "breaking even".
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After two years of operating losses, the community-owned, not-for-profit retirement living and aged care provider reported a break-even operating result for 2018-19 at its Annual General Meeting in Wollongong on Thursday.
IRT reported an annual income of $204 million, an increase of 10 per cent on the year prior, and a growth in assets to $1.42 billion.
The group says driving revenue growth was strong occupancy at retirement villages, improvements to aged care centres and an increase in home care customers.
The Merimbula Home Care Nursing Services acquisition in August 2018, and the opening of Parkside at IRT Pioneer Place in July 2018 also contributed to growth.
The group noted that challenges faced during the financial year included change in the aged care industry brought about by the new Single Aged Care Quality Framework; and the Retirement Living Code of Conduct, which aims to lift standards across the retirement village sector.
IRT Group CEO Patrick Reid said despite the numerous challenges facing the industry, the organisation is determined to continue providing the best possible service to those who have entrusted their care to IRT.
"Like most aged care providers we have experienced financial challenges, but are pleased to report we broke even this year.
"We've also chosen to forgo a profit in 2019-20, so we can make additional investments across the organisation to enhance our long-term sustainability by continuing our unwavering focus on the quality of care we provide and on supporting our employees."
Meanwhile, IRT Group turned 50 on Thursday.
To mark the 50th anniversary, celebrations were taking place this week across the organisation's 31 retirement villages, 21 aged care centres and six home care hubs located throughout NSW, South East Queensland and the ACT.
Formed in Wollongong on November 14, 1969, IRT was born from a vision of Corrimal medical practitioner and Bulli Hospital Honorary Medical Superintendent Dr Max Diment, and Illawarra Masters and Wardens Association President Noel Howard.
Mr Howard went on to become IRT's first executive director and longest-serving CEO until his retirement in 1997.
Mr Reid said IRT's 50th anniversary is a significant achievement.
"It's rare that an Australian organisation celebrates its 50th anniversary confident it is still doing what it set out to do when it was founded," he said. "A lot has changed since 1969. But caring for older Australians has always been and will always be the heart and soul of our work."
A Chairman's Dinner on Thursday evening also marked the occasion.
Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
