Last checked at 10 Feb 2010 07:00
10 February 2010
Assura Group Limited ("Assura" or the "Company")
Third Quarter Interim Management Statement
Assura, one of the leading healthcare companies in the UK, today publishes the following Interim Management Statement covering the period from 1 October 2009 to date.
There have been no significant changes to the financial position of the Company since the publication of the Interim Results on 26 November 2009.
Highlights:
·; Q3 Group revenues up 16 per cent compared to the same quarter last year.1
·; Group revenues for the nine months ended 31 December 2009 have risen to £42.2m (£35.6m).
·; Rental growth in the property portfolio averaging 3.2 per cent per annum based on 48 reviews conducted so far this year, increasing the rent roll by £470k. Rent roll at 31 December 2009 was £22.3m.2
·; Q3 pharmacy revenues up 13 per cent to £8.3m compared to the same quarter last year. Number of prescription items up 16 per cent compared to Q3 of last year.3
·; Strong growth in GPCo revenues rising to £7.6m for the nine months ended 31 December 2009, of which £3.5m was generated in Q3.4
·; Net debt as at 31 December 2009 was £222m, drawn from total facilities of £240m.
·; On 31 December 2009, the Company repaid £8.5m to National Australia Bank ("NAB") reducing the debt outstanding (and facility) to £160m ahead of the 31 March 2010 deadline. The Company is due to repay a further £30m to NAB by 31 March 2011.
·; The Company has already agreed terms (subject to contract) with Santander for a new £30m five year debt facility in order to achieve the above repayment due to NAB in 2011.
1 Excludes revenues in GPCos.
2 Including the rental value of own premises.
3 Excludes 50% share of revenue derived from pharmacies owned in joint venture with GP Care.
4 GPCo revenue is not included in overall Group revenues.
Current trading
Since the end of Q3, the Company has continued to trade in line with the Board's expectations.
Offer period
Further to the announcement on 15 January 2010, the Board confirms that the Company has received preliminary approaches which may or may not lead to an offer being made for the Company.
Further to the Company's statement on 26 November 2009 concerning its GPCo business, the Board confirms that the Company has entered into exclusive discussions with another party regarding the sale of a majority interest in this business. A further announcement will be made as appropriate.
Rule 19.11 disclosure
In accordance with Rule 19.11 of the Code, a copy of this Announcement will be published on the Assura website: www.assuragroup.co.uk.
Ends.
Enquiries:
Richard Burrell / Louise Bathersby: Assura Group, 020 7107 3800
Ben Atwell: Financial Dynamics, 020 7831 3113