Primary Health Properties posts strong interim results on Assura deal
Primary Health Properties PLC on Thursday delivered a strong interim financial performance, as the healthcare facility investor remained focused on integrating Assura PLC.
The London-based healthcare facility investor completed its acquisition of Assura in October last year, with synergies substantially achieved at the end of June 30.
For the six months that ended June 30, pretax profit surged 61% to £100 million from £62 million a year earlier.
Net rental income more than doubled to £176 million from £79 million, boosted by the addition of Assura. The occupancy rate held steady at 99%, compared to December 31.
PHP lifted its interim dividend to 3.65 pence, up 2.8% from 3.55p.
Earnings per share declined 14% to 3.8p from 4.4p, while headline EPS was flat at 3.2p.
As at June 30, net tangible assets per share was 99p, up 1.0% from 98p at December 31 but down 4.8% from 104.0p a year before.
PHP said it had delivered another "strong" operational and financial performance, with a focus on driving rental growth from its existing assets.
It said its immediate focus remains on delivering the strategic benefits and priorities following the combination with Assura.
Annualised synergies of £9 million identified at the time of the combination had been substantially delivered, PHP said.
PHP believes that it will continue to drive future rental growth, as evidenced through opportunities in its asset management and development pipelines.
Shares in PHP were up 0.4% to 97.05p on Thursday afternoon in London. They were up much more significantly in Johannesburg, rising 7.6% to ZAR21.53.
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