MedicX Fund Profit Rises In Full Year On Improved Rental Income

LONDON (Alliance News) - MedicX Fund Ltd on Tuesday said it saw a strong profit growth in its recently ended financial year, boosted by higher portfolio value and increased rental income.

The investor in modern purpose-built primary healthcare properties said pretax profit rose to GBP49.1 million in the year to the end of September from GBP33.3 million reported the year before.

Net asset value as at September 30 was GBP362.2 million, up 11% year on year. On a per share basis, NAV rose by 6.9% to 81.8 pence.

MedicX Fund shares were trading 1.6% higher on Tuesday at 76.80p each.

During the year, the company said its portfolio grew by 19% to GBP806.7 million, including a GBP32.2 million revaluation gain. The fund's portfolio stood at 166 properties with a rent roll of GBP44.0 million, up from GBP40.0 million the year earlier.

Rent receivable also increased 8.6% to GBP40.3 million from GBP37.1 million reported the year ago. MedicX Fund highlighted that the rent is set to further increase in 2019 when the full year's benefit of the portfolio acquisition is seen.

The company maintained its annual dividend at 6.04 pence a share.