• Revenues up 20.1% to $50.9 million
• Profit up 39.9% to $31.2 million
• Underlying Operating Earnings up 30.9% to $16.1 million

Aspen Group Limited, a diversified real estate company, has reported its financial results for the half-year ended 31 December 2024. The company's revenues from ordinary activities increased by 20.1% to $50.9 million, while profit for the period rose by 39.9% to $31.2 million. Underlying Operating Earnings, which excludes non-cash and non-recurring items, increased by 30.9% to $16.1 million. The company's rental pool grew by 1% to 3,995 dwellings and land sites, valued at $530 million. The development business also performed strongly, with revenue, profitability, and margin metrics improving. Aspen's development pipeline now comprises 1,104 approved sites and additional spare land valued at $44 million, up 25% on the prior period. The company is on track to more than double its production to over 200 new dwellings and land lots in the 2025 financial year, with the aim of materially increasing sales over the next several years. Aspen's balance sheet remains healthy, with net asset value increasing by 5% to $457.4 million and gearing reducing from 26% to 21%, below the company's long-term target range of 30-40%.

Aspen expects conditions in its markets to be reasonable over the next 12-24 months, with inflation and interest rates stabilising, robust employment levels and decent wage growth, and the general undersupply of affordable housing likely to continue.