Another period of significant growth
- £100 million increase in investment property to £1,025.0 million (March 2015: £925.3 million)
- Completed the acquisition of 36 properties for £65 million
- 2% increase in total rent roll to £59.6 million (March 2015: £55.6 million)
Increase in net asset value and underlying profit
- 5% increase in diluted EPRA NAV1 per share to 46.4 pence (March 2015: 44.0 pence)
- 6% increase in net rental income for the six months to £28.1 million (2014: £22.2 million)
- 4% increase in underlying profit from continuing operations to £11.3 million for the six months (2014: £6.3 million)
- 115% increase in profit before tax to £35.4 million (2014: £16.5 million)
Transformational equity raise since the period end, raising £300 million to:
- Fund the near term pipeline of acquisitions and developments, with a cost of approximately £126 million
- Repay £181 million of long-term fixed rate debt, allowing the Group flexibility for further growth
Assura is now the sector leader in a market that is in critical need of investment
- An ageing population and growing pressures on the existing health infrastructure provide immediate need for increased primary care facilities
- The UK has cross-party support to shift more health provision from expensive hospitals into primary care
- The NHS announced last year an investment of £1 billion over five years to fund improvements in primary care premises
Assura is well positioned to continue outperforming in a fragmented market
- 301 practices throughout the country
- Good pipeline of acquisitions to consolidate fragmented market
- Strongest balance sheet in the sector
- Group has a long-term track record; strong relationships with the NHS and GPs
Further increase in dividend indicative of management confidence in the Group’s future
- 10% increase in quarterly dividend to 0.55 pence per share, equivalent to 2.2 pence per share on an annual basis
1 Net Asset Value – Note 7
Graham Roberts, Chief Executive, said:
“The need for increased investment in high quality GP space is immediate: There has been years of underinvestment in the primary care market, and in a recent survey 40% of GPs considered their premises to be inadequate for their services. The need for increased investment is also growing fast: in 25 years’ time the population of those over 75 years old is set to have increased by 90%, and GPs will play a critical role in managing the health needs of this ageing population. Assura, as the leader in the sector, is well placed to help meet this demand.”
For further information, please contact:
| Assura plc:Graham Roberts Jonathan Murphy Carolyn Jones |
Tel: 01925 420660 |
| Finsbury:Gordon Simpson | Tel: 0207 251 3801 |
Presentation and webcast:
A presentation will be held for analysts and investors on 19 November 2015 at 11am London time, with a webcast available from our website or via the following link:
http://webcasting.brrmedia.co.uk/broadcast/562a50c3b6c073d9055f5d8b
Alternatively to listen to the audio of the presentation live, dial:
+44 (0) 20 3003 2666 – Standard International Access
0808 109 0700 – UK Toll Free
Password: 9788936#