JANUARY 2020
     

Three parks seriously impacted

Ingenia loses $2m in NSW's
South Coast bushfires

By Dennis Amor
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NSW's deadly bushfires are likely to cost Ingenia, which operates a chain of holiday and lifestyle parks, at least $2 million, it was revealed today.

Three of its tourist parks on the state's South Coast ‒ Lake Conjola, Broulee and Ocean Lake ‒ have been seriously impacted by tourists and residents fleeing fire-affected areas.

"Given the lack of services ‒ including telecommunications, power and road access ‒ and uncertainty over future conditions, it is not yet known when the tourism parks will return to normal trading conditions," Ingenia said in a statement.

Management teams were "working tirelessly" to ensure the safety of residents and guests.

"As a result of these efforts, and those of the Rural Fire Service and other emergency services there were no serious health issues reported and property losses were mitigated," it said.

Ingenia said it was continuing to work with emergency services and to monitor conditions at each of the parks.

"Teams are expected to be on site to undertake a more detailed assessment of damage this week, as access is more readily available," the statement said.

Ingenia has insurance for property loss and loss of gross profits and this is expected to mitigate losses.

"Based on the expectation that home sales at Ingenia Lifestyle Lake Conjola will be materially impacted ‒ 27 settlements forecast for 2H20 ‒ Ingenia expects the FY20 result to be at the lower end of the group’s guidance range ... EBIT growth of 15-20 percent and underlying EPS growth of 5-10 percent."

A further update will be provided with the group’s half-year results to be announced on February 18.

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