(Alliance News) - Assura PLC on Thursday upped its dividend payout, despite recording a 6.1% drop in annual profit on lower positive portfolio valuation movement offsetting increased rental income.
The primary care property investor also said that it remains ideally placed to support the needs of the UK National Health Service and looks forward to the future with confidence despite the unprecedented level of uncertainty at the current time.
Shares in Assura were up 4.9% higher at 79.50 pence each in London on Thursday morning.
For the 12 months to March 31, the Warrington, England-based company recorded pretax profit of GBP78.9 million, down 6.1% from GBP84.0 million profit in the year-ago period. Net rental income increased 8.9% to GBP103.7 million from GBP95.2 million.
The company's investment property portfolio was valued at GBP2.14 billion, up 8.1% from GBP1.98 billion a year ago.
Annual EPRA net asset value increased to 53.9p per share from 53.3p.
For financial 2020, dividend per share amounted to 2.75p, up 3.8% from 2.65p a year ago. Assura also said that it would increase its quarterly dividend payment by 1.9% to 0.71p with effect from the July 2020 payment.
As at March 31, the company's gross debt stood at GBP847 million, with undrawn loan facilities of GBP220 million. The company has renewed its current revolving credit facility with a consortium of four banks for maturity in November 2024.
Chief Executive Officer Jonathan Murphy said: "Assura has delivered another strong year, reflecting our predictable business model. Assura's financial strength and market-leading capabilities position it well to continue its support of the NHS as primary care becomes increasingly integral to reducing pressure on Britain's health service".
By Tapan Panchal; tapanpanchal@alliancenews.com
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Assura (AGR)