Assura back in profit
WARRINGTON healthcare landlord Assura has moved back into profit after a turbulent year which saw the exit of its board.
Revenue for the six months to the end of September grew 9% to £18.3m while pre-tax profits were up to £6.5m, from a loss of £26.3m last year.
A new chief executive, Graham Roberts, was brought in in March by chairman Simon Laffin after the group incurred a £62m liability on an interest rate swap with National Australia Bank.
Assura, which builds GP surgeries and then rents them out, employs around 25 people. It is one of the biggest public companies operating in this field with around 160 surgeries with a total value of £517m. Its closest competitors are PHP and Medicx.
The firm said its development pipeline was the major driver of capital growth during the period as four developments completed. A further four schemes started on site. Gross rental income was up 8.5% to £17.9m and 82 rent reviews were settled in the period.
Mr Roberts said: “The stability of our valuations, our secure and growing income stream, and our progressive dividend policy have together enabled both a 3.6% increase in net asset value and a 3.4% property return.
“This is despite the tough economic environment and falling property values elsewhere, demonstrating the robust characteristics of the primary care sector together with the quality of this business.”
