23rd May 2014 07:45
LONDON (Alliance News) - Healthcare property investors Assura Group PLC Friday reported an increase in profit in the full year, boosted by revaluation gains and acquisitions.
The Warrington-based company posted pretax profit of GBP24.2 million for the year ended March 31, up from GBP12.9 million, boosted by revaluation gains of GBP12.4 million compared with GBP6.0 million a year earlier.
Net rental income, which incorporates property operating expenses as well as gross rental and related income, crept up to GBP39.9 million, from GBP37.1 million in the corresponding period.
In September 2013, the company acquired Trinity Medical Properties, a portfolio of 32 medical centres for GBP62.9 million, with annualised rent roll of GBP4.0 million. This acquisition helped boost group rent roll to GBP41.8 million a year from GBP35.9 million.
At the period-end the company said its portfolio was valued at GBP668 million, up from GBP569 million a year earlier. Assura said its valuations reflect a modest increase in valuation from a movement in the yield on rental income, rental growth in the period, and the enhancement of the portfolio through acquisition and completed developments.
Looking ahead, the company said demand for new premises in primary care is increasing and it is well placed to provide the private sector capital to meet the required investment in primary care infrastructure.
"We have produced strong results for the year and have also acquired and integrated Trinity, which has strengthened our position as a leading operator in this market,"Chief Executive Graham Roberts said in a statement.
"The demand for high quality primary care premises can only grow as the population ages and public expectations increase, and through our expertise and deep understanding of the sector, we are well placed to deliver this infrastructure," he added.
Assura increased its quarterly dividend to 0.45 pence per share, from 0.285 pence a year earlier.
Assura shares were quoted down 0.6% at 43.74 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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