Lyndoch Living has posted a $2.18m operating profit with revenue through the facility also growing $8.6 million to $46.5 million - a jump of 22.8 per cent on the previous financial year.
Subscribe now for unlimited access.
or signup to continue reading
Chief executive officer Doreen Power said Lyndoch Living's cash flow was strong, and the increased revenue reflected the growth of the aged care facility through the acquisition of the May Noonan facility in Terang, Warrnambool Medical Clinic and Healthspot.
"All of that is starting to make that impact," she said.
Ms Power said the number of staff across Lyndoch had grown from about 400 when she first started to 535 people.
"There's been a lot of growth," she said.
Lyndoch - which is undergoing a major revamp - posted an underlying operating profit of $2.185 million compared to a loss of $398,256 for the 2018-19 financial year and $1.57 million loss the year before.
The impact of the COVID-19 pandemic, as well as financing of the Swinton building, drove Lyndoch to a consolidated loss of $1.88 million - an improvement on the $10.9m loss it posted last year when $10m was shaved off the value of Lyndoch's assets under changes to the way re-valuations were carried out.
"The consolidated financial statements represent a healthy balance sheet and cash flow from operating activities to assist in the delivery of the board's masterplan and strategic vision," the community report, which was released at its annual general meeting on Tuesday, says.
The redevelopment of the $13 million Swinton building was officially opened last month as part of a $100 million four-stage redevelopment of the Hopkins River waterfront site which is set to be implemented over the next seven years.
Work on the Primary Health Care building is set to begin next year and would create about 100 jobs during construction.
Despite the impact of the COVID-19 pandemic, and the implementation of restrictions on visitations, Ms Power said there were positives to come out of it.
"All the staff stood up and provided lots of different types of activities for residents and enjoyed the social connection with residents," she said.
"Whilst COVID came and hit us all, the challenges for Lyndoch has been business as usual but also taking on some opportune challenges in our model of care and what we were doing. That's been a positive."
Ms Power said despite fears that came with a pandemic, there had been lots of kind words spoken and the staff and residents had risen to the challenge.
"The residents have been scared. No one talks about this, but residents have been worried - if COVID comes in what does it mean?"
Read more:
Our COVID-19 news articles relating to public health and safety are free for anyone to access. However, we depend on subscription revenue to support our journalism. If you are able, please subscribe here. If you are already a subscriber, thank you for your support.
