LONDON (Alliance News) - Healthcare infrastructure investor MedicX Fund Ltd said on Tuesday it saw a rise in net asset value through the first half of its financial year as it expects to raise its dividend for its 2018 financial year.
MedicX's net asst value per share as at end of March stood at 79.3 pence, up 3.9% from 76.3p the year before, as the value of its infrastructure portfolio rose by 5.8% to GBP719.7 million from GBP680.4 million.
This was due to GBP26.5 million of investment to acquire one standing let property and fund development through forward funding schemes. MedicX currently has a GBP110 million acquisition pipeline.
The fund gained GBP19.6 million in rent during the six month period, up 5.4% from GBP13.6 million the year before, as a result of the annualised rent roll rising by 1.8% to GBP40.7 million from GBP40.0 million, of which 89.6% is directly from, or reimbursed by the UK National Health Service or Ireland's Health Service Executive.
Pretax profit for the period nearly doubled to GBP26.4 million from GBP13.6 million the year before, due to a rise in the net valuation gain on investment properties to GBP18.3 million from GBP6.6 million.
MedicX expects to pay a full-year dividend of 6.04 pence per share, up from 6.00p the prior year.
"In the first half of the financial year, your company has continued to execute its strategy of buying high quality and sustainable properties. We selectively focus on larger and strategically important premises which will deliver primary care services beyond the existing leases. The board continues to believe this focus and disciplined acquisition approach will deliver sustainable growth," said Chairman Helen Mahy.
Shares in MedicX Fund were down 4.4% at 78.58 pence on Tuesday.