SA organisation unveils ambitious expansion plan
Despite the difficult economic circumstances, the group says it aims to be one of the top 20 providers of seniors living services by 2015.
Adelaide-based Masonic Homes has unveiled a long-term business plan to establish itself as one of the top 20 providers of seniors living services in Australia by 2015.
Within this timeframe, the group plans to increase the net worth of its assets from $250 million to $1 billion through a series of acquisitions and alliances.
The organisation’s CEO, Doug Strain says the ambitious plan – which comes as many seniors living providers are closely monitoring spending – is the result of a successful strategy developed over a number of years.
“We have got a very strong balance sheet and our equity and cash flow is also very strong,” said Mr Strain.
“We have invested a lot in developing systems in recent years so now we are able to capitalise on that.”
Mr Strain added that the direction for future growth has been strategically determined to maximise viability.
“We will not be looking to expand in residential aged care at all,” he said. “Our focus will be on continuing to expand in retirement living and community care.”
Masonic Homes currently has five major development and expansion projects in train across its current operations in South Australia and the Northern Territory.
The group is also considering an expansion into the eastern states within the next three to five years.
Mr Strain conceded that this direction may be interpreted as controversial by other providers but said current circumstances demanded new approaches.
“Apart from some of the larger listed companies, aged care providers have traditionally stayed within state boundaries,” he said.
“But with the economies of scale required today, we need to challenge that way of thinking.
“At the moment we are a big fish in a small pond but we need to be a big fish in a big pond.”
Masonic’s expansion program will be led by former Retirement Living General Manager, Bryan Moulds who will step into the new role of Chief Development Officer.
