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Warrington, England-based Assura PLC on Tuesday reported strong annual results as demand for healthcare spaces remain strong due to a backlog of treatments stemming from Covid-19.
The care property investor and developer reported net rental income of £126.5 million for the year ended March 31, an increase of 13% compared to £112.0 million a year prior.
Further, pretax profit climbed by 44% to £155.8 million, from £108.3 million year-on-year.
Assura said that the main gap in the market where it was able to make a ‘significant contribution’ was the UK's lack of critical buildings & facilities to tackle the growing backlog of treatments following the pandemic.
The company reported a portfolio of 645 properties at the end of March, up from 609 in 2021, serving 6.8 million people across the UK.
Assura's portfolio value at March 31 amounted to £2.75 billion, up 12% from £2.45 billion a year earlier.
Diluted net tangible assets per share climbed 6.1% to 60.7 pence from 57.2p a year prior.
Assura said that the total dividend paid was up 3.9% to 2.93 pence per share, versus 2.82p the year prior.
Looking forward, Assura said it is starting the new financial year with a strong immediate pipeline. It has an acquisition pipeline of 20 properties at a cost of £119 million; this is expected to be complete within three to six months.
Chief Executive Jonathan Murphy said: ‘Against an uncertain economic backdrop, Assura's steady and reliable business model, strong balance sheet and differentiated market position means it is extremely well positioned to continue growing and delivering shareholder value. We remain confident in Assura's outlook for the coming year and beyond.’
Shares in Assura were 2.3% higher at 69.95 pence each in London on Tuesday morning.
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