Assura delivers strong H1 performance, ups RCF

Primary care property business Assura said on Monday that it had delivered a strong interim performance.

Assura said its annualised rent roll for its 612 property portfolio had hit £146.9m, leading it to up its quarterly dividend by 5% to 0.82p per share.

The FTSE 250-listed group completed two developments during the six months ended 30 September, in Kettering and Wolverhampton, and acquired an asset in Ireland that includes an opportunity for a significant enhancement project. It completed five asset enhancement capital projects in the half and revealed it was on site with a further seven - with a total spend of £6.9m over the next 12 months.

Assura said there were 152 rent reviews in the quarter, covering £19.0m of existing rent and generating an uplift of £1.5m, while there also 42 lease re-gears covering £8.2m of existing rent roll in the current pipeline.

The Altrincham-based firm also highlighted its strong financial position, with net debt of £1.195bn on a fully unsecured basis with cash and undrawn facilities of £259.0m, including a refinanced rolling credit facility with Barclays Bank, HSBC UK, National Westminster Bank, and Santander UK. The RCF was upped from £125.0m to £200.0m.

Chief executive Jonathan Murphy said: "Assura has delivered another period of strong financial performance and disciplined activity.

"We continue to see growing and consistent demand for high-quality healthcare buildings in a community setting. Our leading market position, strong and sustainable balance sheet, and pipeline of growth opportunities will allow us to continue to deliver against our proven strategy."

As of 0945 BST, Assura shares were down 0.53% at 41.68p.

Reporting by Iain Gilbert at Sharecast.com