21st May 2015 09:30
LONDON (Alliance News) - Primary care property investor and developer Assura PLC Thursday posted a rise in pretax profit for is recently ended financial year due to higher rental income and revaluation gains.
For the year to end-March, the company posted a pretax profit of GBP36.6 million, up from GBP24.2 million the year before, on gross rental and related income of GBP51.1 million compared to GBP39.9 million and on GBP21.4 million in revaluation gains.
The company said the valuation gain represents a 5.2% uplift on its portfolio value, as well as movements relating to properties it acquired during the year. As at end-March its portfolio of completed investment properties was valued at GBP908.3 million, compared to GBP631.6 million at the end of the previous year, with a net initial yield of 5.56%.
The company raised GBP175 million in October 2014, and said that since then it has made property buys of GBP105 million, and has a pipeline of further property acquisitions and developments of GBP100 million.
Total dividends for the year were 1.85 pence, up from 1.36 pence in the previous year.
"Our business is driven by the continuing and growing need for community based health and social care in the UK. We are at a point in time when this need is growing as never before. The challenge has been recognised by the NHS and Government and resources for primary care infrastructure are being prioritised," said Chief Executive Graham Roberts in a statement.
Shares in Assura are trading down 0.4% at 58.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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