2nd Jul 2019 09:07
(Alliance News) - Assura PLC on Tuesday said it is confident in its outlook following its acquisition of primary care developer GPI earlier in its recent quarter and a number of disposals.
In Assura's financial first quarter, ended June 30, the company disposed of 12 properties held for sale for GBP17 million of cash proceeds. This exceeded book value by a small, unspecified amount.
The company also made an acquisition, GPI, taking its current portfolio to 554 properties and a total immediate pipeline value of GBP199 million including on site developments, up from GBP142 million at the end of its prior financial year.
"In May, we completed the purchase of primary care developer GPI and welcomed a talented new team into Assura. The acquisition boosted our immediate and extended development pipeline by an initial GBP92 million," said Assura Chief Executive Jonathan Murphy.
Following disposals, Assura's annualised rent roll is GBP102.1 million. As at June 30, the company had gross debt of GBP730 million and undrawn facilities totalling GBP230 million, as well as a cash balance of GBP47.5 million.
"We remain confident in our outlook for the full year and in our longer-term prospects," said Murphy.
Shares in Assura were up 0.2% at 64.70 pence on Tuesday morning.
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