Local disability, aged care and employment services provider genU has released its latest annual report for what board chair Ingrid Williams has called a “transformative year”.
The organisation expanded across the nation, effecting mergers with Tasmanian disability services provider Li-Ve and Western Australia’s Active Foundation, saw its supported workforce grow by 20 per cent and helped more than 2600 clients continue living independently in their own homes.
However, the report acknowledged the many challenges and difficulties genU has faced, including reforms across the disability, aged care and employment sectors, pricing constraints and inflating operating costs.
Those difficulties were reflected in genU’s net financial result, a $29.2 million deficit.
Ms Williams said while the figure “may feel deflating”, the strategic moves behind the financial loss were “crucial steps toward long-term sustainability and growth”.
Those moves included the discontinuation of non-core services, such as the sales of Pipsqueaks early learning centre, residential aged care facility Costa House and recruitment agency IPA, as well as investment in digital projects and the revaluation of properties.
“It is important to understand much of this loss was driven by strategic decisions designed to position genU for future stability,” Ms Williams said.
“Our decisive actions have been taken with short- and long-term ambitions in mind; a return to profitability as soon as possible and sustainability to ensure we remain serving our communities across Australia for decades to come.”
She said the new financial year had already begun on a positive note, with a strong early financial performance that put the organisation on track to achieve its 2024-25 budget predictions.
Chief executive Clare Amies said genU commitment to “keep clients at the heart of what we do has been unwavering”.
“It is this resolute commitment that drives every decision, every step and every support we deliver to people and families who need our services,” Ms Amies said.
“We are optimistic about the future and confident the initiatives we have implemented will create a sustainable business that will continue for at least another 70 years, with genU’s reputation entrenched as a leading national provider of community services.”
Visit genu.org.au/news to view the genU Annual Report 2024.
