21st Sep 2006 07:03
Primary Health Properties PLC21 September 2006 20 September 2006 PRIMARY HEALTH PROPERTIES PLC ('PHP') Modern accommodation for the Provision of Primary Health Care Services Preliminary Results for the Year Ended 30 June 2006 Primary Health Properties PLC, one of the UK's largest providers of modernprimary healthcare facilities, is pleased to announce its Preliminary Resultsfor the year ended 30 June 2006. Group Financial Highlights • Profit after tax increased by 25% to £15.9m (2005: £12.7m) • Adjusted diluted NAV per share increased 23% to 392.4p (2005: 320.2p) ** • Interim and final dividends during the financial year ended 30 June 2006 increased 12.5% to 13.5p (2005: 12.0p) • Portfolio revaluation surplus increased by £15.0m (2005: £16.6m) • Purchases of properties amounted to £27.5m during the year • Group Rental Income up 16% to £10.9m (2005: £9.4m) • Portfolio owned, leased and committed increased by 20% to £224.8m (2005: £187.2m) • Adjusted diluted earnings per share increased by 34% to 16.5p (2005: 12.3p) * • Intention to convert to REIT status *Adjusted diluted earnings per share - excludes deferred tax and revaluationgains on property. ** Adjusted diluted net asset value per share - excludes deferred tax. Harry Hyman, Managing Director, commented: "I am pleased to report another year of strong performance for Primary HealthProperties. Our product is in demand from both the occupier and the investmentmarket, resulting in continuing growth in our rental income and a significantuplift in total valuation and net asset value. The prospects for the sector,with its long lease lengths, good quality covenants and importantly thecontinuing commitment by Government to renew the primary care estate, continueto remain strong. We retain a leading position in our niche market and our strong links withdevelopers mean that we currently have a strong forward pipeline of newproducts. The expected arrival of REITs next year - and we have stated that weare favourably considering converting - should further enhance investor interestin the healthcare property sector. The Board looks forward to the future withconfidence." Enquiries: Bell Pottinger Corporate and FinancialDavid Rydell/Victoria GeogheganTel: 020 7861 3232 Primary Health Properties PLCHarry HymanManaging DirectorTel: 01483 306912Mobile: 07973 344768 Chairman's Statement In common with most public companies in the United Kingdom, this is the firsttime that the full year results for Primary Health Properties PLC have beenprepared using International Financial Reporting Standards ("IFRS").Accordingly, the Group's results for the comparative periods have been restated. As reported at the Interim stage, this change of accounting basis has no effecton the underlying business performance or strategy of the Group. This was another year of substantial progress for the Group. The Group's profitafter taxation for the year ended 30 June 2006 totalled £15.9m (2005: £12.7m),an increase of 25%. Adjusted for the revaluation surplus and the deferredtaxation charge, profits for the period were £3.8m (2005: £2.8m). Profit beforetax for the year ended 30 June 2006 totalled £18.4m (2005: £19.4m), a marginaldecrease - largely caused by increased administration and financing costs. Adjusted diluted earnings per share were 16.5p*, 34% higher than the 12.3p*reported for the previous year. The Board has recommended a final dividend of 6.75p per Ordinary Share fordeclaration by Shareholders at the Annual General Meeting, which, together withthe Interim dividend, makes a total of 13.5p per share for the year, an increaseof 12.5% over the 12.0p paid in respect of the previous year. The year end valuation of the property portfolio carried out by Lambert SmithHampton has resulted in a revaluation surplus of £15.0m for the year. To thismust be added the £0.4m surplus generated from the sale, in the second half, ofour properties in Charlotte Street and Newcastle. Of this £15.4m, £7.8m wasaccounted for at the Interim stage. The adjusted diluted net asset value pershare has risen by 23% to 392.4p** from 320.2p** per share, reflecting bothrental increases and current yields in the market. Rent reviews during the year have again performed well, and together with newdeliveries, helped increase our year end rent roll from £10.0m to £11.3m, anincrease of 13%. Purchases of properties during the year amounted to £27.5m and commitments atthe year end totalled £20.9m. Our portfolio, including commitments, was £225m at30 June 2006, an increase of £38m from £187m at the previous year end. The table below sets out the portfolio as at 30 June 2006: 30 June 30 June 2006 2005 £m £mInvestment properties 197.5 160.0Properties in the course of development 2.1 2.3Total investment properties 199.6 162.3Development loans (including accrued interest) 1.7 2.3Finance leases 2.5 2.5Total owned and leased 203.8 167.1Deposit paid 0.1 0.4Committed 20.9 19.7Total owned, leased and committed 224.8 187.2 Expansion during the year has been financed by further drawings on our committedmedium term finance facilities. Since the end of the financial year we haveagreed a further increase of £25m in our banking facilities. With theseresources we believe we can grow our total portfolio to £385m. We have continued to monitor our exposure to interest rates and have enteredinto several new swap arrangements both before the year end and shortlythereafter. As a result of this and previous activity, for the year to 30 June2007 we have covered approximately 82% of our exposure to interest rates whichfalls to 62% for years 2016 to 2026 at an average rate before margin of 4.75%. As we informed you at the Interim stage the Board has decided that the expenseof a scrip dividend scheme is no longer justified and has made alternativearrangements with Capita IRG Trustees Limited, to offer a dividend reinvestmentscheme for Shareholders who wish to receive their dividend as Shares. A letterexplaining the Dividend Reinvestment Scheme, together with its terms andconditions and an application form, will be posted to Shareholders with theAnnual Report. As at the date of this statement, the PHP Share Plan has 34 members holding76,355 Shares. Further details can be found in the Annual Report, at theCompany's website www.phpgroup.co.uk and at http://www.capitaregistrars.com/php. The Board has considered the legislation contained in this year's Finance Actconcerning the introduction of REITs and has reviewed the draft regulationscurrently being finalised. It is the Board's current intention to askShareholders to approve conversion of the Company into a REIT and the processinvolves the Company applying to HM Revenue & Customs for REIT status, makingchanges to the Articles of Association, and may affect the taxation of incomeand gains of the Company's Shareholders. A circular will be posted toShareholders at the appropriate time. The market for primary care has remained very competitive. Administrative andfunding deficits have affected the rate at which new projects are being approvedby the NHS. However our strong links with a number of developers mean that wehave a strong forward pipeline. The recent White Paper foresees more activity inPrimary Care including the transfer of 5% of the NHS budget into the PrimaryCare Sector. The arrival of REITs next year is expected to further enhanceinvestor interest in the healthcare property market. The portfolio, at the date of this report, has 78 properties with a further 5contracted for delivery during the next 12 months and 1 contracted forcompletion by August 2007. The portfolio has performed well in both capital andincome terms and we believe that the prospects for investment in the sector,with its long lease lengths and good quality covenants, make the portfolioattractive. Paul Sandford, who has been with us since March 2001, resigned as a Director on27 July 2006. The Board thanks him for his valuable contribution and servicesto the Company. The Group is well positioned to add further to its portfolio of investments inthe coming year. G A ElliotChairman20 September 2006 * excludes deferred tax and revaluation gains on property** excludes deferred tax Managing Director's Report Property portfolio The table in the Chairman's Statement sets out the development of our portfolioduring the year under review. We took delivery of twelve new developments (2005,eight new developments) and entered into a further seven development commitments(2005, twelve development commitments). At the year end the portfolio, whencommitments are included, reached £224.8m (2005, £187.2m). Portfolio Purchases during the Year The Group completed the purchases of a number of properties during the year,details of which are set out below: Property Acquisition Cost £m Occupational TenantsAlma Street Medical Centre, Stockton on 1.8 Doctors PracticeTeesBirchgrove Surgery, Cardiff 1.6 Doctors Practice and PharmacyHednesford Valley Health Centre 2.8 Doctors Practice and PharmacyHaddenham Medical Centre 2.3 Doctors Practice and PharmacyWolverhampton Road Surgery, Stafford 1.3 Doctors PracticeTeams Medical Practice, Gateshead 2.1 Doctors Practice and PharmacyBroxbourne Medical Centre 2.1 Doctors PracticeKirton Medical Centre 2.1 Doctors Practice and PharmacyBlackthorn Health Centre, Hamble 3.2 Doctors Practice, Pharmacy and Dental SuiteMawsley Medical Centre 2.0 Doctors PracticeChurchfield Medical Centre, Luton 4.6 Doctors Practice and PharmacyRainbow Medical Centre, St Helens 1.6 Doctors Practice and PharmacyTOTAL: 27.5 Property Disposals during the Year As mentioned in the Chairman's Statement the Group disposed of two propertiesduring the year, both to special purchasers at prices above their investmentvalues. The properties were valued at £6.8m at 30 June 2005, and revalued to£7.3m at December 2005 and disposed of in March 2006 for £7.7m, realising a gainof £0.4m. The properties were:Scotswood House, NewcastleJames Pringle House, Charlotte Street, London W1 Revaluation As reported in the Chairman's Statement, the portfolio valuations have resultedin an uplift of £15.0m, which has been incorporated into the Balance Sheet,giving a closing property investment valuation (including finance leases) of£203.8m. This increase amounted to 66.1p per share on an undiluted basis and61.8p per share on a fully diluted basis. The valuation surplus reflects theimpact, during the year, of our successful rent reviews. There has also been afurther hardening of investment yields during the year. Notwithstanding this andan increased number of players in the market, the Group has a good pipeline ofinvestments. Portfolio Rental Levels The average rent for medical centres across the whole portfolio is approximately£162 per square metre ("psm") (2005: £158 psm). The average rent onaccommodation let to the NHS (either directly or through the Doctors Rent andRates Scheme) is approximately £157 psm (2005: £154 psm) and the averagepharmacy rent is approximately £220 psm (2005: £213 psm). The weighted averagelength of time to the next review is 1.8 years across the portfolio. Tenancy split by Floor Area The table below indicates the tenancy split by floor area (psm): GP's 83%PCTs 10%Pharmacy 6%Other 1%TOTAL 100% Rent Reviews The Group completed a number of rent reviews during the year and there are anumber of reviews outstanding that we expect to see resolved during the comingyear. The results of the reviews completed during the year added £136,000 to ourrent roll. There are further reviews due from the past year which amount to some£1.94m of rent passing. We have accounted for an amount based on expectedoutcomes. The pace of reviews is now picking up as more evidence is presentedthrough the market and more premises go through the review process. The averageincrease in rent as a percentage of passing rent over the three year reviewprocess has been 11% equating to 3.39% per annum. Finance and Interest Rate Hedging Bank borrowings increased from £88.8m to £112.8m during the year, of which theamounts shown in the table below have been hedged as swap contracts at anaverage weighted cost rate of 4.89% (2005: 5.08%) (excluding the lenders'margins). During the period a number of interest rate swaps have been entered intoextending the maturity and quantum of the Group's cover under hedgingarrangements as shown below. Year Swaps (£m)2006/2007 92.52007/2008 90.02008/2009 85.02009/2010 82.52010/2011 82.52011/2012 85.02012/2013 89.92013/2014 90.02014/2015 90.02015/2016 92.52016/2017 70.02017/2018 70.02018/2019 70.02019/2020 70.02020/2021 70.02021/2022 70.02022/2023 70.02023/2024 70.02024/2025 70.02025/2026 70.0 The table above shows the level of fixed rate financing for each of the nexttwenty financial years from hedging swaps. Portfolio Characteristics Users The table below shows the percentage of our portfolio by rent roll derived fromeach of our major tenant classes, GPs, PCTs, Health Authorities, pharmacyoperators and others. Some 99% (2005: 99%) of our rent roll comes directly orindirectly from the NHS, GPs, PCTs and pharmacy operators. Covenant Analysis by Annual Rent GP's 82%Pharmacy 8%PCT's 7%Health Authorities 2%Other 1%TOTAL 100% Length of Leases Analysis of Annual Rent by Term Unexpired The table below shows an analysis of rent by term unexpired. 6 - 15 years 5%15 - 20 years 43%More than 20 years 52%TOTAL 100% Security of Income by Lease Expiry The table below shows the length of leases by lease expiry as a percentage ofcurrent passing rent. Year % of Passing Rent1 100%5 100%10 98%15 94% Security of Income by Term Certain The table below shows the security of rental income by term certain. Year % of Passing Rent1 100%5 100%10 98%15 93% Geographical Spread The table below shows the percentage of the portfolio by rent roll derived fromeach of the NHS regions. Annual Rent by Region East Midlands 12%London 10%North 2%North West 10%South East 28%South West 1%West Midlands 19%Yorkshire & Humberside 7%Scotland 7%Wales 4%TOTAL 100% Forthcoming Rent Reviews The table below shows the annual amount of rent falling due for review in eachof the next 3 years. Year Rent (£m)2006/2007 2.9862007/2008 3.3492008/2009 3.793 The Primary Care Market The last year has seen continued development of the Government's NHS LIFTprogramme. So far, a handful of projects have been completed and it isinteresting to note that since the NHS LIFT programme started at the beginningof 2001, we have completed the purchase of over 30 schemes totalling around£67m. Of these, 19 schemes (approximately £42m) were six months or more fromgoing on site at the start of 2001. To the best of our knowledge there are 12NHS LIFT buildings open to the public and whilst there are expected to be moreopening over the next few months, it is our view that it has not been the mosteffective approach to solving the lack of investment in deprived areas. Both within LIFT and outside the LIFT remit, available premises funding for newPrimary Care Schemes is being carefully controlled. Government's perceiveddesire to see Primary Care as the cornerstone of a modern NHS is undermined bythe lack of premises funding reaching the front line. However, the advent ofPractice Based Commissioning and Alternative Providers of Medical Services(APMS) will allow PCTs and GP Practices to be far more innovative in sourcingfunding streams and we believe that this is an exciting time for Primary Care asa whole. Throughout the country, demand for new medical centres continues. There is morecohesion within PCTs to see the Primary Care framework evolved and to take thelead in estates strategy to improve health service delivery in the local healtheconomy. Increased competition in the marketplace for new purpose built medicalfacilities has made these types of investment more attractive and has drivenpurchase yields down. This has a positive effect on the existing portfolio, butmeans new acquisitions are more costly and we must continue to purchaseproperties where we believe there to be good long term growth prospects. Duringthe year we bid for two portfolios of Primary Care centres, but due to theincreased interest from other investors the price was pushed above what weconsidered to be their intrinsic worth and therefore we withdrew our bids. We have continued to add value to properties in the portfolio by negotiating newlease terms and refurbishing premises. For example, during the year wesuccessfully negotiated a substantial extension in building area and a new leaseterm at our Droitwich property, which was originally purchased in 1997. Future Prospects There are a great number of changes occurring within Primary Care and pharmacyrelating to the structure and organisation of the sector - including theintroduction of practice-based commissioning and the opening up of the sector toprivate operators through APMS. In addition competition is increasing throughthe entry of new participants. Although in the short term this may lead todelays in approval of new projects, we remain confident that the need to renewthe Primary Care estate remains a top Government priority and that the Group hasa good pipeline of deals to complete over the next 12 months. In the meantime our existing portfolio continues to perform very well and we areworking hard to add value from rent reviews and lease re-gearings. Harry Hyman Managing Director 20 September 2006 GROUP INCOME STATEMENT for the year ended 30 June 2006 Year ended Year ended 30 June 30 June 2006 2005 £'000 £'000 Rental income 10,850 9,339 Finance lease income 281 274 Rental and related income 11,131 9,613 Net valuation gain on property portfolio 14,997 16,602Net gain on disposal of property 401 -Administrative expenses (2,689) (2,207) 12,709 14,395 Operating profit 23,840 24,008 Finance income 258 278Finance costs (5,695) (4,899) Profit on ordinary activities before taxation 18,403 19,387 Current taxation 465 -Deferred taxation (2,931) (6,713)Taxation expense (2,466) (6,713) Profit for the period* 15,937 12,674 Earnings per share - basic 70.3p 59.1p - diluted 67.7p 55.4p Adjusted earnings per share - basic 17.1p 13.0p - diluted 16.5p 12.3p * Wholly attributable to equity shareholders of Primary Health Propertiesplc ("PHP Plc") All activities are continuing. GROUP BALANCE SHEET as at 30 June 2006 At 30 June At 30 June 2006 2005 £'000 £'000Non current assets Investment properties 199,569 162,311Development loans 1,712 2,310Net investment in finance leases 2,492 2,504Derivatives 1,415 - 205,188 167,125Current assets Trade and other receivables 1,470 1,655Net investment in finance leases 12 19Cash and cash equivalents 3,973 1,112 5,455 2,786 Total assets 210,643 169,911 Current liabilities Trade and other payables (5,070) (5,499)Derivatives (74) -Corporation tax payable (181) (681) Net current liabilities (5,325) (6,180) Non current liabilities Term loan (112,800) (88,800)Deferred taxation (21,193) (17,860) (133,993) (106,660) Total liabilities (139,318) (112,840) Net assets 71,325 57,071 Equity Share capital 11,339 11,326Share premium 12,022 11,952Capital reserve 1,618 1,618Cash flow hedging reserve 939 -Retained earnings 45,407 32,175 Total equity * 71,325 57,071 Net asset value per share - basic 314.52p 251.94p - diluted 305.06p 246.60p Adjusted net asset value per share - basic 407.97p 330.78p - diluted 392.35p 320.24p * Wholly attributable to equity shareholders of Primary Health Propertiesplc ("PHP Plc") Group Statement of Changes in Net Equity for the year ended 30 June 2006 Cash flow Share Share Capital hedging Retained capital premium reserve reserve earnings Total £'000 £'000 £'000 £'000 £'000 £'000 30 June 2005 11,326 11,952 1,618 - 32,175 57,071Opening adjustment to reserves for IAS 39 - - - (1,292) - (1,292) As restated 1 July 2005 11,326 11,952 1,618 (1,292) 32,175 55,779 Profit for the period - - - - 15,937 15,937 Transfer to income statement on cash flow - - - 238 - 238hedge Income and expense recognised directly inequity: Gains on cashflow hedges taken to equity - - - 2,949 - 2,949 Deferred tax on cashflow hedges taken toequity - - - (956) - (956) Total recognised income and expense for theperiod - - - 2,231 15,937 18,168 Issue of shares 13 74 - - - 87Issue expenses - (4) - - - (4)Share based payment charge - - - - 185 185Dividends paid and declared:Final dividend for the year ended 30 June2005 (6.0p) - - - - (1,359) (1,359) Interim dividend for the year ended 30 June2006 (6.75p) - - - - (1,531) (1,531) 30 June 2006 11,339 12,022 1,618 939 45,407 71,325 Group Statement of Changes in Net Equity for the year ended 30 June 2005 Share Share premium Capital Retained capital reserve earnings Total £'000 £'000 £'000 £'000 £'000 1 July 2004 9,074 7,459 1,618 21,553 39,704Profit for the period - - - 12,674 12,674 Total recognised income and expense forthe period - - - 12,674 12,674Issue of shares 2,252 4,813 - - 7,065Issue expenses - (320) - - (320)Share based payment charge - - - 245 245Dividends paid and declaredFinal dividend for the year ended 30June 2004 (5.5p) - - - (998) (998)Interim dividend for the year ended 30June 2005 (6.0p) - - - (1,299) (1,299) 30 June 2005 11,326 11,952 1,618 32,175 57,071 GROUP CASH FLOW STATEMENT for the year ended 30 June 2006 30 June 2006 30 June 2005 £'000 £'000Operating activitiesGroup operating profit before financing costs and financing income 23,840 24,008 Adjustments to reconcile group operating profit to net cash flows fromoperating activities Less: Revaluation gains on property (14,997) (16,602)Less: Gains on disposal of property (401) -Plus: Shares based payment expense 185 245Increase in trade and other receivables (54) (158)Increase in trade and other payables 212 240 Cash generated from operations 8,785 7,733Interest received from developments 219 267Taxation paid (34) - Net cash flow from operating activities 8,970 8,000 Investing activities Receipts from disposal of investment properties 7,711 -Payments to acquire investment properties (25,770) (17,451)Development loans advanced (2,612) (2,550)Bank interest received 47 33Deposits paid - (393) Net cash flow used in investing activities (20,624) (20,361) Financing activities Ordinary share issue (net of expenses) (4) 2,680Proceeds from term bank loan 24,000 16,590Interest paid (6,678) (4,275)Equity dividends paid (2,803) (2,231) Net cash flow from financing activities 14,515 12,764 Increase in cash and cash equivalents for the period 2,861 403 Cash and cash equivalents at start of period 1,112 709 Cash and cash equivalents at end of period 3,973 1,112 NOTES: The above results for the year to 30 June 2006 are audited. 1. Earnings per share The calculation of earnings per share is based on the following: As at 30 June 2006 As at 30 June 2005 Net profit Ordinary Net profit Ordinary attributable shares attributable shares to ordinary (weighted Per to ordinary (weighted Per shareholders average) share shareholders average) share £'000 number pence £'000 number pence Basic 15,937 22,667,946 70.3 12,674 21,459,735 59.1 earnings per share Option - 861,960 - 549,187 conversion * Convertible - - 42 926,276 Loan stock conversion** Diluted 15,937 23,529,906 67.7 12,716 22,935,198 55.4 earnings per share * Excess of the total number of potential shares on option exercise over thenumber that could be issued at fair value as calculated in accordance withInternational Accounting Standard No. 33: Earnings per share. ** The total number of potential shares on conversion of the convertible loanstock. The calculation of the adjusted earnings per share is based on the following: As at 30 June 2006 As at 30 June 2005 Net profit Ordinary Net profit Ordinary attributable shares attributable shares to ordinary (weighted Per to ordinary (weighted Per shareholders average) share shareholders average) share £'000 number Pence £'000 number pence Basic 15,937 22,667,946 70.3 12,674 21,459,735 59.1 earnings per share Adjustments: Deferred tax 2,931 6,713 charge Net (14,997) (16,602) valuation gains on valuation of property Adjusted 3,871 22,667,946 17.1 2,785 21,459,735 13.0 basic earnings per share Option - 861,960 - 549,187 conversion * Convertible - - 42 926,276 Loan stock conversion ** Adjusted 3,871 23,529,906 16.5 2,827 22,935,198 12.3 diluted earnings per share * Excess of the total number of potential shares on option exercise over thenumber that could be issued at fair value as calculated in accordance withInternational Accounting Standard No. 33: Earnings per share. ** The total number of potential shares on conversion of the convertible loanstock. 2. At the Annual General Meeting, a resolution to declare a final dividend of6.75p per share will be put to the members and, if passed, will be paid on 22 November 2006 to holders on the register of members at the close of business on 6 October 2006. 3. Diluted net asset value has been calculated as follows: 30 June 30 June 2006 2005 £'000 £'000 Net assets:Per Group Balance Sheet 71,325 57,071 Add - Receipts from the exercise of Management options 2,736 2,736 74,061 59,807 No. of shares No. of sharesOrdinary shares:Issued share capital 22,677,718 22,652,776New shares issued assuming the exercise of Management options 1,600,000 1,600,000 24,277,718 24,252,776 Diluted net asset value per share 305.06p 246.60p Diluted adjusted net asset value has been calculated as follows: 30 June 30 June 2006 2005 £'000 £'000 Net assets:Per Group Balance Sheet 71,325 57,071Adjustments to add back:Deferred tax on timing differences 6,186 4,561Deferred tax on revaluation gains 14,605 13,299Deferred tax on derivatives 402 - Adjusted net assets 92,518 74,931 Add - Receipts from the exercise of Management options 2,736 2,736 95,254 77,667 No. of shares No. of sharesOrdinary shares:Issued share capital 22,677,718 22,652,776New shares issued assuming the exercise of Management options 1,600,000 1,600,000 24,277,718 24,252,776 Diluted adjusted net asset value per share 392.35p 320.24p Calculations assume that the dilution takes place on the respective BalanceSheet dates. 4. The statutory accounts for the year ended 30 June 2006 will be delivered toRegistrar of Companies following the Company's Annual General Meeting. TheAnnual Report was signed on 20 September 2006 and will be posted to shareholdersand those on the mailing list on 9 October 2006, together with details of thedividend reinvestment plan, a Form of Election and Notice of Entitlement. TheAnnual Report will thereafter be available on request from the CompanySecretary, J O Hambro Capital Management Limited, Ground Floor, Ryder Court, 14Ryder Street, London, SW1Y 6QB. The Annual General Meeting is to be held on 16November 2006 at 10.30am in the Board Room, at Ground Floor, Ryder Court, 14Ryder Street, London, SW1Y 6QB. 5. The financial information set out above does not constitute the Company'sstatutory financial statements for the years ended 30 June 2006 or 2005 (but isderived from and has been prepared on the same basis as the 2006 financialstatements with the 2005 figures being restated for IFRS). Statutory financialstatements for 2005 were prepared under UK Generally Accepted AccountingPractice and have been delivered to the Registrar of Companies and those for2006 will be delivered following the Company's Annual General Meeting. Theauditors have reported on those financial statements; their reports wereunqualified and did not contain statements under section 237 (2) or (3) of theCompanies Act 1985. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Primary Health