Assura reveals 50% profit increase

Warrington-based primary care property investor and developer Assura has announced a 51.2% increase in pre-tax profit to £36.6m for the financial year to 31 March 2015, up from £24.4m in 2014.

As part of its preliminary results, Assura revealed an increase in net rental income to £48.2m, up from £37.8m in the previous year.

The company also saw growth across its investment portfolio, with £230m of completed acquisitions over the period aiding a 40.9% increase in its portfolio value, up from £657m in 2014 to £925m. Total rent roll is now £55.6m.

During the year to 31 March 2015, Assura acquired 57 primary care properties. Last autumn the listed property company raised £175m through a new share issue to strengthen its balance sheet.

According to the statement to the stock market, factors such as ever increasing demands on health service from an ageing population, rising public expectation and medical advances, and new funding allocations from the Government to back premises development meant that Assura had a positive sector outlook.

Graham Roberts, chief executive of Assura, said: "Our business is driven by the continuing and growing need for community-based health and social care in the UK. We are at a point in time when this need is growing as never before. The challenge has been recognised by the NHS and Government and resources for primary care infrastructure are being prioritised. Following our substantial increase in scale and financial resources this year, we are well placed to contribute with both skills and capital to this important endeavour."

Shares in Assura were down 0.75p to 57.5p this morning.