After the rest-home operator Ryman Healthcare confirmed that it is trading well ahead of last year and is ready to post an increase in full-year profit on demand for its facilities, its shares hiked to a 10-month high.

A rise by 7% to NZ$1.77 was seen in the company's shares, the highest since September; and in the past three months, it has gained 20%. While dividends will top 5.25 cents a share, profit - which excludes unrealized valuation gains - will exceed last year's NZ$53 million.

The shareholders at their annual meeting in Christchurch were informed by Chairman David Kerr, "We are experiencing strong demand for our new villages. There is no let up in our building programme - we're as busy as we've ever been."

Kerr added that as compared to last year, Ryman was "trading well" ahead; and is comfortable with the market expectations for profits.

Presently, Ryman, which designs, builds and operates the villages, owns 21 villages nationwide and mulls to open two new villages each year.