A Christchurch-based retirement home operator that recently listed on the Australian stock exchange has delivered its first positive free cash flow in a decade, but still posted a loss.
Ryman Healthcare announced on Thursday it had positive free cash flow of $NZ56.2 million ($A49.1 million) for the six months to September 30, up from negative $NZ52.5 million ($45.9m) in the previous half.
The company posted a net loss after tax of $NZ45.2 million ($A39.5m), down from a $NZ82 million ($A71.7m) profit a year ago, when Ryman's bottom line was boosted by fair value movements of its property portfolio.
Revenue for the second half grew 13 per cent to $NZ413.8 million ($361.8m), with costs down two per cent.
The company owns 40 retirement villages in New Zealand and nine in Melbourne.
It listed on the exchange on October 1 and retains its primary listing on the NZ exchange.
Chief executive Naomi James said Ryman had turned a corner and reset its balance sheet following a $NZ1 billion equity raising in February and a refinancing of its $NZ2 billion in bank facilities in November.
Ryman had $NZ1.65 billion ($A1.44b) in net debt as of September 30, down $NZ14.1 million ($A12.3m) from six months ago.
"The business has stabilised, momentum is returning, and we are delivering results with meaningful progress achieved against FY26 priorities," Ms James said.
Ryman sold 674 units during the first half, up from 452 in the previous half, but down from the more than 800 it had sold in the two previous halves before that.
Ryman said local property markets were recovering at different speeds, with Victoria doing better, regional New Zealand mixed and Auckland yet to show meaningful improvement.
Ryman has scaled back its development activity, trimming its sites under development from seven to four.
Ryman's ASX-listed shares were up 2.4 per cent to $2.57 near noon, having gained 12.7 per cent since their listing debut.
