Continued strong growth
78.0% increase in underlying profit before tax to £28.3 million (2015: £15.9 million)
19.9% growth in investment property, to over £1.1 billion (2015: £0.9 billion)
3.9% growth in diluted EPRA NAV per share to 45.8 pence (2015: 44.0 pence)
14.7% increase in rent roll to £63.8 million (2015: £55.6 million)
£28.8 million profit before tax (2015: £36.6 million) after £34.1 million debt early repayment costs
Assura transformed
£300 million equity raise in October 2015, net of expenses, to fund acquisitions and lower group gearing
£134 million pipeline of further acquisitions and developments following significant conversion of the pipeline into completed acquisitions
LTV of 30% emphasises balance sheet strength, providing scope to grow portfolio further within the Company's target gearing range
£181 million repayment of Aviva loans
£200 million new unsecured revolving credit facility agreed
Sector leader in a market that is in critical need of investment
Growing consensus that primary care must play a bigger role in health provision
Significant historic underinvestment in primary care space, many GP premises not currently fit for purpose
The NHS's "General Practice Forward View", announced in April 2016, further emphasises need for appropriate primary care infrastructure and premises
Well positioned to help alleviate the pressures on primary care infrastructure
Assura is an established brand and partner of choice to GPs
Strong balance sheet and capacity to fund more investment
Efficient, internally managed operating model, with in-house development capability
Group operates in fragmented market: Portfolio of 321 medical centres compares to a total UK market of close to 9,000 buildings
Further increase in fully covered dividend
11% increase in dividend per share paid in the year
Admitted to FTSE 250
Simon Laffin, Executive Chairman, said:
"The NHS is under great strain at the moment, but there is a growing consensus that more and better primary care is one of the answers to this. We need more GPs, to use them more effectively and with more diagnostic and specialist medical staff around them. We know that patients prefer being cared for by their local GPs and that this is much cheaper for the NHS than those patients going into A&E. Larger, better quality premises are crucial to house these enhanced services. Fortunately the UK has a unique and efficient funding model in the primary care property sector that can deliver substantial additional private capital investment to support this, whilst allowing the Government to control costs.
Assura has a strong balance sheet, the in-house expertise, and excellent relationships with both GPs and the wider health service. We stand ready to help the Government deliver a stronger vibrant primary care service."
