According to The Australian Financial Review, Simonds Group which said half-year operating profit more than doubled in the six months to December, is looking to expand into new areas of construction such as the emerging market niche of specialist disability accommodation.
The embattled home builder, which said half-year EBITDA earnings jumped to $12.4 million from $5.2 million a year earlier and sites starts rose 10.7 per cent to 1320, was now looking to make the most of new opportunities as a turnaround program started to take effect, chief executive Kelvin Ryan said.
"We're talking to serious players about how we might access the NDIS (National Disability Insurance Scheme) and start with specialist disability housing. There are other avenues to building homes that traditional residential builders haven't explored."
The road to recovery has been slow for Simonds, which has lost 84 per cent of its share value, launched a failed bid to privatise the company again and had three different chief executives since it listed publicly in late 2014. Former BGC Residential boss Mr Ryan, whose appointment followed those of Matthew Chun and Paul McMahon, took the job last February.
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