Aveo Group announced audited group and trust group earnings results for the year ended June 30, 2018. For the year, the group reported revenue of AUD 425.3 million against AUD 449.5 million a year ago. Profit from continuing operations before income tax was AUD 410.4 million against AUD 307.0 million a year ago. Profit for the year was AUD 366.2 million against AUD 252.2 million a year ago. Profit for the year is attributable to owners of the company was AUD 348.5 million against AUD 242.7 million a year ago. Basic and diluted earnings per stapled security were 63.3 cents against 44.2 cents a year ago. Basic and diluted earnings per stapled security from continuing operations were 63.3 cents against 44.2 cents a year ago. Net cash flows from operating activities were AUD 102.8 million against AUD 242.8 million a year ago. Payments for property, plant and equipment was AUD 31.2 million against AUD 59.1 million a year ago. Payments for intangible assets were AUD 2.3 million against AUD 2.1 million a year ago. EBITDA was AUD 169.9 million against AUD 144.7 million a year ago. Underlying profit after tax was AUD 127.2 million or 22.0 cents per share against AUD 108.4 million or 18.9 cents per share a year ago. FFO was AUD 115.4 million against AUD 163.9 million a year ago. AFFO was AUD 97.4 million against AUD 136.2 million a year ago. EBIT was AUD 166.9 million against AUD 141.3 million a year ago.

For the year, the trust group reported revenue of AUD 26.0 million against AUD 17.2 million a year ago. Profit from continuing operations before income tax was AUD 16.8 million against AUD 10.1 million a year ago. Profit for the year was AUD 16.6 million against AUD 10.1 million a year ago. Basic and diluted earnings per stapled security were 2.9 cents against 1.8 cents a year ago. Basic and diluted earnings per stapled security from continuing operations were 2.9 cents against 1.8 cents a year ago. Net cash flows from operating activities was AUD 6.2 million against net cash flows used in operating activities of AUD 4.9 million a year ago. Payments for property, plant and equipment was AUD 35.9 million.

Based on current market conditions, the company confirms fiscal year 2019 EPS guidance of 20.4 cents and the company is targeting a full year distribution based on a payout range of 40% to 60% underlying profit.