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Summerset lifts quarterly sales

NZN 4/10/2016 Paul McBeth

Retirement village operator Summerset Group lifted third-quarter sales 21 per cent from a year earlier after opening part of its Wigram site in Christchurch.

Sales of occupation rights rose to 196 in the three months ended September 30 from 162 a year earlier, it said. Of that, new sales jumped 48 per cent to 125, while resales fell 10 per cent to 71.

"The past nine months has seen good growth for Summerset and strong demand for our offering," chief executive Julian Cook said.

"Wigram village's main building in Christchurch opened in September, contributing to strong third quarter sales."

The company's shares last traded at $5.30 and have gained 31 per cent this year.

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