Daily Roundup

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Summerset Sees Highest Ever Full Year Sales as Retirement Village Demand Remains Strong

Summerset Group Holdings Ltd reported a stellar end to 2024, with 361 sales of occupation rights in the fourth quarter - comprising 169 new sales and 192 resales. This strong performance capped off the company's highest ever full year result, with 1,238 total settlements, up 12% from the previous year.

The growth was driven by robust demand across Summerset's network of retirement villages, particularly in the company's established locations outside the main centers. Resale volumes were led by the Casebrook and Avonhead villages, reflecting the maturing portfolio of Summerset communities nationwide.

Summerset CEO Scott Scoullar noted the encouraging result, especially given the challenging market conditions. He highlighted the company's solid pipeline of committed sales contracts heading into 2025, both in New Zealand and Australia, where the Cranbourne North village continued to perform well.

EVZ Secures $28.5M in New Energy and Resources Contracts

Engineering solutions provider EVZ Ltd has announced two major new contract wins through its Brockman subsidiary, valued at around $28.5 million. The projects span the Energy and Resources sectors, including the Hastings Fuel Terminal Expansion in Victoria and the Eneabba Rare Earths Refinery in Western Australia.

For Hastings, Brockman will handle the engineering and construction of additional bulk fuel storage tanks and associated infrastructure. At Eneabba, Brockman will deliver a package of five bulk storage tanks as part of Australia's first fully integrated rare earths refinery.

EVZ CEO Scott Farthing said the contract wins demonstrate the company's growing presence and capabilities in key industry sectors. The projects are expected to contribute to EVZ's revenue and earnings in the 2025 and 2026 financial years.

Dimerix Partners with FUSO for $1 Billion DMX-200 Deal in Japan

Dimerix Limited has signed an exclusive development and license agreement with FUSO Pharmaceutical Industries for the commercialization of its DMX-200 drug candidate in Japan. Under the deal, FUSO will be responsible for all clinical trials, regulatory approvals, and sales and marketing activities for DMX-200 in the treatment of focal segmental glomerulosclerosis (FSGS) kidney disease.

In return, Dimerix stands to receive up to ¥10.5 billion (around $1.07 billion) in upfront, development, and sales milestone payments, plus royalties of 15-20% on net sales. The partnership also includes the approval of Dimerix's ACTION3 clinical trial by Japan's Pharmaceutical and Medical Device Agency.

Dimerix CEO Dr Nina Webster said the agreement with FUSO, a leading Japanese pharmaceutical company, reflects the significant potential for DMX-200 in FSGS patients. The deal will provide the resources and expertise to advance the drug's development and commercialization in Japan.

Regal Partners Caps Off Strong Year with Record Net Inflows, FUM Reaches $18 Billion

Regal Partners Limited has reported a stellar end to 2024, with record net inflows of $2.1 billion for the calendar year. This drove a 4.6% increase in the company's funds under management (FUM), which reached approximately $18 billion as of 31 December 2024.

The strong net inflows, including $700 million in the December quarter and an additional $200 million in binding commitments, were complemented by positive foreign exchange movements and other factors. While investment performance resulted in a $200 million decrease, Regal Partners still expects to recognize around $25 million in performance fee revenue for the second half of 2024.

The company's diversified range of strategies and mandates, including the Regal Investment Fund, Regal Partners Private Fund, and Regal Australian Small Companies Fund, contributed to the impressive performance fee haul.

Finbar Secures Approval for $100 Million Rivervale Apartment Project

Leading Western Australian apartment developer Finbar Group Limited has received approval for a new 12-level, 171-apartment building in the Springs precinct in Rivervale. The project, with an estimated end sales value of around $100 million, is Finbar's fifth development within the thriving Springs area.

The new building will feature a mix of one and two-bedroom apartments, catering to the growing demand for more affordable, compact living options. Residents will have access to amenities such as a gym, lounge, and outdoor BBQ facilities.

Finbar Managing Director Darren Pateman said the approval represents a timely renewal of the company's pipeline in a location where it has had a long and successful track record, dating back to the acquisition of the initial site in 2012.