- Assura reports strong financial performance.
- Acquisitions and developments drive growth.
- Focus on strategic expansion.
Assura achieved “strong financial performance” in the first six months as a primary care property developer due to portfolio expansion and rental income.
In the six months leading up to September 30th, the Altrincham-based company acquired 612 properties with an annualized rent roll of £146.9 million.
Additionally, the FTSE-250 company completed two developments (Kettering and Wolverhampton) and made an acquisition in Ireland, which includes the potential for a significant asset enhancement project.
Assura’s CEO, Jonathan Murphy, said the company has again shown good financial performance and controlled operations.
“We have focused on strategic expansion areas to unlock value through attractive portfolio additions.”
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This includes building a state-of-the-art day case hospital in Kettering for Ramsay Healthcare, moving to Bury St Edmunds with a net-zero carbon ambulance hub for the local NHS Trust, and buying a high-quality Irish asset with significant asset enhancement potential.
Additionally, the organization successfully completed five capital initiatives for asset enhancement, totaling £3.3 million.
During the quarter, 152 rent reviews were resolved, resulting in a £1.5 million increase and covering £19 million of existing rent.
Murphy also highlighted significant operational advancements during the period. They resolved 152 rent reviews and refinanced their revolving credit facility, augmenting its capacity, reducing costs, and incorporating sustainability-linked key performance indicators.
There continues to be strong demand for community-based healthcare facilities of superior quality. Assura also plans to execute its strategy with a pipeline of growth opportunities, a robust and sustainable balance sheet, and a dominant market position.
In early Monday morning trading, Assura shares are down 11.24% at 41.38p.
