Primary Health Properties posts jump in interim profit as rental income grows
Primary Health Properties posted a 47% rise in first-half pre-tax profit as net rental income grew and funding costs declined.
FTSE All-Share
4,476.42
17:15 10/01/25
FTSE Small Cap
6,696.99
16:59 10/01/25
Primary Health Properties
86.30p
16:40 10/01/25
Real Estate Investment Trusts
1,909.81
16:59 10/01/25
Pre-tax profit for the six months ended 30 June increased to £32.4m from £22.1m in the first half of last year, as net rental income grew 5.2% to £30.6m.
The company raised its interim dividend to 10p per share from 9.75p.
Primary Healthy, which invests in modern primary healthcare facilities, said its total portfolio, including development properties, stood at £1.1bn as at 30 June, versus £1bn at the end of last year.
Managing director Harry Hyman said: “This has been an active first half of the year for PHP with continued strong earnings and portfolio growth. We continue to deliver on our priority target of returning to full dividend cover while maintaining our progressive dividend policy, which from next year we plan to pay quarterly to shareholders.
“This reflects our focus to increase returns for shareholders as we continue to boost earnings by investing in and actively managing the portfolio, growing rental income, lowering our funding costs and efficiently controlling our cost ratio.”
At 1235 BST, shares in the company were down 0.4% at 412.25p.