Lifestyle Communities is no longer standing by its earnings guidance after media coverage of its land lease business model put future sales in doubt, sending its shares tumbling 15 per cent.
New home settlements for the 2024 financial year fell almost 13 per cent, and annual operating profit after tax fell up to 26 per cent, the company said on Friday. This capped off a tumultuous week after an ABC report examined how the housing operator generates revenue.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
