A year of strong results
- 23.9% increase in underlying profit from continuing operations to £10.9 million (2013: £8.8 million)
- 88% increase in profit before tax to £24.2 million (2013: £12.9 million)
- 12.4% increase in adjusted EPRA NAV1 per share to 43.4 pence (2013: 38.6 pence)
- 16.4% increase in total rent roll to £41.8 million (March 2013: £35.9 million)
- 12.2% increase in net rental income to £37.8 million (2013: £33.7 million)
- £99m increase in total property assets2 to £668 million, up from £569 million
Creating value through acquisitions, capital recycling and developments
- Acquired £62.9 million Trinity3 portfolio with annualised rent roll of £4.0 million
- Disposal of LIFT assets for £22.4m, crystallising gain of £10.5m
- Eight new developments completed for a 6.7% yield on cost
49% increase in dividend
- Quarterly dividend maintained at 0.45 pence per share (reflecting a 49% increase on the previous year), equivalent to 1.8 pence per share on an annual basis
- Dividend fully covered
Operating in a sector with robust investment characteristics
- Ever increasing demands on health service from an ageing population, rising public expectation and medical advances
- Investment in primary care will be key to addressing this demand, despite the recent slowdown in the rate of approvals for new developments from the NHS
- Sector provides low volatility of returns with low default risk and a linkage to cost inflation
Assura well positioned for sustained growth as it continues to help meet the demand for primary care infrastructure
- Deep understanding of healthcare real estate with proven skills in medical investment and development
- Scalable internal management model
- Five developments on site and a further 28 potential schemes identified with an aggregate value exceeding £75 million
- Well-funded with flexible facilities; new five-year £30 million revolving credit facility with RBS and Barclays announced today at an initial margin of 185 basis points over LIBOR
Graham Roberts, Chief Executive, said:
“It has been a year of great activity and achievement at Assura. We have produced strong results for the year and have also acquired and integrated Trinity, which has strengthened our position as a leading operator in this market.”
“We have a very exciting future. The demand for high quality primary care premises can only grow as the population ages and public expectations increase, and through our expertise and deep understanding of the sector, we are well placed to deliver this infrastructure.”