genU has released its Annual Report 2024, which outlines the significant highlights, challenges and positive impact made throughout the 2023-2024 financial year.

In releasing the report, genU Board Chair Ingrid Williams and CEO Clare Amies said the recent sector challenges had united the organisation and strengthened its resolve, as genU continues to deliver crucial services and supports to communities across Australia.

Ms Williams thanked the genU Board, Executive and staff for their tireless efforts and unwavering commitment to genU’s vision and purpose throughout the financial year.

Ms Williams acknowledged the 2023-2024 period was difficult, as genU faced significant operating environment challenges and sector-wide reforms across the disability, aged care, and employment services sectors.  

The financial result reflects the challenges, with an underlying deficit of $8.5 million and total loss of $29.2 million. Of the total loss, more than $28 million was due to ceasing non-core services, making significant investment in digital projects, and revaluating 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 proactive and 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.”

These decisions have already made a positive impact, with early indicators showing genU on track for a financial recovery in 2025.

Ongoing pricing constraints, wage pressures and staff shortages adversely impacted the financial performance of some business areas. Despite this, genU achieved positive revenue growth in key areas such as Workforce Australia, Supported Independent Living, and Training services, all core to genU’s future.

The strategic sales of childcare (Pipsqueaks), residential aged care (Costa House), and recruitment agency IPA were necessary to re-focus on services that align with genU’s core mission. The service footprint also expanded through the merger with Li-Ve Tasmania on 1 July 2023, and new services such as genU Training and the Aged Care Volunteer Visitors Scheme making a positive difference for Tasmanians.

With a stronger national presence, genU will have an enhanced capacity to deliver critical services and create opportunities to deliver on its purpose of enriching people’s lives through supports, connections and opportunities.

Ms Amies said the genU Board, Executive, staff and volunteers were deeply committed to delivering the highest quality services that would help foster genuinely inclusive communities.

“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 ensure a sustainable business that will continue for at least another 70 years.”

Key achievements 2023-24

• 1.8 million hours of disability support.
• 20% increase in number of supported employees benefiting from work.
• More than 20,670 jobseekers with barriers placed in employment.
• Support for more than 2,600 seniors to stay living independently at home.
• 94% client satisfaction rate for support and service quality.
• More than $7 million reinvested back in community.
• Almost 8,000 volunteer hours serving the community.

This Annual Report rounds out the reporting period of genU’s Strategic Plan 2019-2024. You can learn more about genU’s direction and priorities in the new strategy, genU 2030 here.