LONDON (ShareCast) - (Sharecast News) - Assura on Tuesday reported that portfolio expansion drove annual rental income and profit growth, while the company's pipeline has reached a record level on the back of a new acquisition.
The primary care property investor and developer achieved profit before tax of £84.0m for the year ended 31 March, a 17% increase over the year before, as gross rental and related income jumped by 19% to £102.4m with net rental income climbing by 19% to £95.2m.

The rental increase was aided by £240m of property additions throughout the year, on top of another £314m in the year before, through both acquisitions and development.

The NHS remains Assura's primary customer, accounting for 85% of the total rent roll, with approximately 8.5% of the UK's NHS patients using the company's premises.

Jonathan Murphy, chief executive of Assura, said: "Assura has delivered another year of strong operational performance with robust revenue and rental growth. This has been driven by our development and investment teams' focus on growing and enhancing our portfolio and active asset management. We are well positioned in the primary care property market and our development pipeline is the strongest it has been in 10 years."

The FTSE 250-traded company said its extended pipeline will increase from £190m to £282m following its acquisition of the primary care developer GPI, which was announced on Tuesday.

Assura increased its full-year dividend by 8% to 2.65p per share, while cash and cash equivalents stood at £18.3m at the end of the period, down from £28.7m at the same point last year.

"As the government continues to approve healthcare schemes, we look forward to maintaining our deep relationships with the NHS. This is built on our strong links with healthcare trusts and ability to provide high-quality primary care facilities that benefit patients and reduce pressure on the NHS," said Murphy.

A statement from the company said it was confident about the next 15 years due to its portfolio of 563 properties and its continued investment in its development and asset enhancement teams.

Assura's shares were up 2.14% at 62.10p at 0901 BST.

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