MedicX Fund Sees 17.2% Total Return, Pretax Profit Rises In Full Year

LONDON (Alliance News) - MedicX Fund Ltd on Wednesday reported a 17.2% total return on net asset value for its most recently ended financial year, and said it is confident it is well positioned to continue delivering solid returns for its shareholders.

The healthcare property investor reported a pretax profit of GBP52.9 million for the year to end-September, up from GBP33.4 million a year before, mostly as a result of a rise in revenue to GBP33.7 million from GBP29.5 million and a GBP25.6 million net valuation gain on its investment properties.

The company's proposed total dividend for the year was 5.9 pence, up from 5.8p the previous year.

During the period MedicX Fund made its first investment in the Republic of Ireland of EUR10.1 million. It had GBP559.5 million of committed investment in 148 primary healthcare properties as at last Friday, it said.

The company cited a "strong pipeline" of around GBP126.0 million in acquisition opportunities.

"We believe the fundamentals underlying primary healthcare properties continue to provide attractive investment propositions. Our strong discipline on both the investment and funding sides combined with our continued focus on minimising costs and the good pipeline of investment opportunities, leads us to be confident the Fund is well positioned to continue to deliver solid returns for shareholders," Chairman David Staples said in a statement.

Shares in MedicX Fund were down 0.7% at 84.38 pence Wednesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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