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Pin to quick picksPrimary Health Share News (PHP)

Share Price Information for Primary Health (PHP)

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Share Price: 95.80
Bid: 96.15
Ask: 96.25
Change: -1.20 (-1.24%)
Spread: 0.10 (0.104%)
Open: 97.20
High: 97.65
Low: 95.80
Prev. Close: 97.00
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Primary Health Properties Seeks GBP120 Million Amid Resilient Trading

Thu, 09th Jul 2020 10:32

(Alliance News) - Primary Health Properties PLC on Thursday said it plans to issue new shares to raise GBP120 million to fund its acquisition pipeline.

The company also said that its operational and financial performance to date remains strong and its portfolio continues to demonstrate good resilience despite the uncertainty caused by the Covid-19 pandemic.

For the six months to June 30, the company expects adjusted EPRA earnings per share to rise 7.1% year-on-year to 3.0 pence. Adjusted EPRA net asset value is predicted to increase by 1.1% to 109.1p.

Primary Health anticipates rental income of GBP0.9 million, or 0.7%, on a like-for-like basis, from rent reviews and asset management projects in the first half. Annualised rent roll is expected to increase by 4.4% to GBP133.3 million.

The company's property portfolio at June 30 was valued at GBP2.51 billion versus GBP2.35 billion at December 31.

The Birmingham, England-based healthcare property investor plans to use the proceeds to fund the future acquisition of asset management projects totalling GBP128 million.

This will include a short-term estimated pipeline of GBP92 million of active acquisition and development opportunities across the UK and Ireland as well as adding more value to existing assets, estimated at GBP36 million.

Primary Health said: "The tragic associated impact of Covid-19 brings the ongoing requirement to cater for NHS surge capacity ever more starkly into focus.

"The board believe this, combined with the demands of an ageing and growing population for healthcare, strongly underpins the need for modern, integrated and local primary healthcare facilities to continue to help relieve pressures placed on hospitals and A&E departments."

Primary Health shares were down 3.3% at 148.00p on Thursday morning in London.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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