Primary Health Properties lifts FY NAV, divi as pre-tax profit slips

Primary Health Properties has improved its full-year net asset value per share and dividend, as pre-tax profit slipped, in what it billed as a year of significant milestones.

The investor in modern primary healthcare facilities boosted its IFRS pre-tax profit came in at £43.7m, down from £56.0m. The results included a surplus on property revaluation of £20.7m, from £39.8m in the previous same period.

Primary Health Properties said its EPRA net-asset value per share rose to 91.1p, from 87.7p, and it upped its paid dividends to 5.125p a share, from 5.0p.

Managing director Harry Hyman said 2016 was a year of significant milestones for the company.

These included its securing the largest-ever equity issue in its history, and expansion outside the UK after the acquisition of its first asset in the Republic of Ireland.

"The demand for healthcare services remains higher than ever and, as a result, the role played by primary care in communities across the UK and the Republic of Ireland is set to increase," said Hyman in a statement.

"PHP remains alive to the strong pipeline of potential acquisition and forward funding opportunities in both the UK and Ireland and is in a strong position to grow its portfolio, building on its track record of providing GPs with flexible, purpose built medical centres which meet the needs of modern, integrated care systems," he added.

At about 11:44 GMT, shares in Primary Health Properties were flat at 107.5p each.