Healthcare property group’s profits surge by 44%

Assura CEO Jonathan Murphy

Assura, the healthcare property group, said it remained confident as profits surged by 44%.

The Warrington group reported passing rent roll increased 12% to £135.7m for the year to 31 March 2022. That’s up from last year’s £121.7m.

Profit before tax grew 44% to £155.8m, up from £108.3m in 2021.

During the period the group’s portfolio value rose 12% to £2.8bn as it grew its portfolio to 645 properties having added 47 properties at a cost of £271m.

It has a total development pipeline of £522m with a further 23 asset enhancement projects (£18m).

Assura has also proposed 5.4% increase in the quarterly dividend to 0.78 pence per share.

Jonathan Murphy, CEO, said: “Assura has delivered another year of significant progress, maintaining its strong financial performance and making a positive contribution to the local communities in which it operates.

“We have grown our high-quality portfolio to £2.8bn, progressed our ambitious development pipeline which stands at over £500m and expanded our offering through working with NHS Trusts, independent providers and making our first investment in Ireland.

“Supported by our successful bond and equity raises ‒ with accelerated use of proceeds ‒ we have continued to deliver critical new capacity for community healthcare and fulfil the ambitions of our extensive SixBySix social impact strategy.

“With the UK’s healthcare estate lacking the critical buildings and facilities to tackle the growing backlog of treatments following the pandemic, we know the development of modern, integrated, and high-quality primary care space is a key enabler in reducing this pressure.”