Assura FY pre-tax profits surge in year of 'significant progress'

Property investor and developer Assura said on Tuesday that it had delivered "another year of significant progress" as the group continued to grow its "high-quality" portfolio and progress its "ambitious" development pipeline.

Assura reported full-year net rental income of £126.5m, up 12.9% year-on-year, and pre-tax profits of £155.8m, up 43.9% on its 2020/21 performance, with earnings per share up 37% at 5.6p. EPRA earnings were 14% higher at £86.2m.

The FTSE 250-listed firm's portfolio valuation rose 12% to £2.75bn, while its net initial yield dipped from 4.58% to 4.48%. Total contracted rental income increased 15% to £1.81bn.

Rent reviews generated a weighted average annual rent increase of 1.9%, while 11 properties sold for above book value proceeds of £15.0m.

Assura, which recommended a 5.4% increase in its quarterly dividend to 0.78p per share, highlighted that its portfolio had grown from 609 to 645 high-quality properties after it added 47 properties at a cost of £271.0m in the year ended 31 March and completed four asset enhancement capital projects.

The group's total development pipeline sat at £522.0m at the end of the trading year, with a further 23 asset enhancement projects also on the books.

Chief executive Jonathan Murphy said: "Assura has delivered another year of significant progress, maintaining its strong financial performance.

"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"."

As of 0850 BST, Assura shares were up 0.66% at 68.80p.

Reporting by Iain Gilbert at Sharecast.com