27th Mar 2007 08:17
Assura Group Limited27 March 2007 27 March 2007 Enquiries: Richard Burrell/Nigel Rawlings Tel: 020 7107 3800 Assura Group Tony Langham/Henrietta Guthrie/Charlotte Edgar Tel: 07979 692 287 / Lansons Communications 020 7294 3622 Assura Group Limited (the 'Company' or 'Group') Preliminary Results to 31 December 2006 Assura Group Limited invests in and develops primary health care property,community hospitals, integrated pharmacy and joint venture limited liabilitypartnerships with GPs to provide out-patient and diagnostic procedures inprimary care. These Preliminary results are in respect of the year to 31 December 2006. Highlights: • Group operating profit £12.9m (2005: loss of £10.6m) • Final dividend up 20% to 4p (6p in total) • £105.9m of new equity raised in May 2006 • Net assets £267.5m equivalent to 114.3p per share • Net debt £28.2m (10% gearing) - significant additional debt capacity • Business model for primary care fully established • Transition from investment fund to asset-backed operating company • Acquisition of Berrington completed All three divisions developing as planned: Assura Property • £430m1 of capital committed over 118 sites at an average NIY of circa6.5%2 • On target to invest or commit £750m by end 2009 Assura Pharmacy • Ten pharmacies open1 • On target to open 20 by end 2007 and at least 30 by end 2008 Assura Medical • Five LLPs formed to provide services to circa 600,000 patients • On target to have 1.5 million patients by end 2007 and 5m by 2010 1 As at 20 March 2007 2 Prior to accounting for revaluation surpluses 3 Ex-dividend date 4 April 2007, Record date 10 April 2007, Payment date 4 May2007 Commenting on the Results, Richard Burrell, Chief Executive of the Company,said: "2006 was a very satisfactory year for the Group and I am pleased to reportstrong progress in acquiring and developing properties, the successfuldevelopment of the Group's pharmacy operating business and the launch of the newmedical provider business which forms collaborative joint ventures with GPs toenable the shift of outpatient and other services from hospitals into thecommunity. During the year, the Company has transformed itself from being an externallymanaged investment company (as The Medical Property Investment Fund) to a fullyfledged asset-backed operating company with its own management and stafftotalling over 200 persons. £430m has now been committed across 118 sites throughout the UK and our targetis to commit £750 million by the end of 2009. The pharmacy division has madeexcellent progress during the year, with ten pharmacies now trading and is ontarget to open 20 pharmacies by the end of 2007 and at least 30 by end 2008. Themedical division has been working in partnership with the GPs and now has fivejoint ventures underway, covering 600,000 patients and is on target to formjoint ventures covering 1.5 million patients by the end of this year. Assura Group is a leading participant in the primary health care market and issupportive of a modern NHS capable of delivering increased services to patientsin the community. Our business model is in line with the Government's WhitePaper and supports GPs and Health Professionals to fulfill the criteria oftreating patients closer to home. We are in a unique position to meet the needsof the rapidly evolving NHS and we intend to be one of the UK's leading healthcare provider organisations." The full text of the Preliminary Results are available on RNS. Ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Assura