Primary Health Properties (PHP)

Sector:

Property Investment Trusts

Index:

FTSE 250

96.30p
   
  • Change Today:
      0.25p
  • 52 Week High: 106.30
  • 52 Week Low: 85.50
  • Currency: UK Pounds
  • Shares Issued: 1,336.49m
  • Volume: 2,503,037
  • Market Cap: £1,287.04m
  • RiskGrade: 84

Primary Health Properties makes 'good progress' in first quarter

By Josh White

Date: Wednesday 27 Apr 2022

LONDON (ShareCast) - (Sharecast News) - Primary Health Properties reported "good progress" in converting its year-end pipeline into committed deals in its first quarter on Wednesday.
The FTSE 250 healthcare property operator said that, Including standing investments, direct and forward-funded developments and asset management projects, it had continued to generate and grow a "strong pipeline" totalling £360m in the UK and €145m (£122m ) in Ireland, of which £65m and €87m was in legal due diligence.

In the quarter, the firm said it generated an additional £0.9m, or 0.6%, of extra rental income from its rent review and asset management activities.

It said it was continuing to see an improvement in growth from rent reviews, with an extra £0.6m of income generated in the quarter from 99 reviews that were settled, equivalent to 2.0% on an annualised basis.

A further £0.3m was generated in the quarter from its asset management activities, completing 10 projects, and the firm said it had a further six schemes currently on site.

As at 31 March, the group's net debt stood at £1.22bn, and on a pro-forma basis the loan-to-value ratio was 43.3%, down from 42.9% at the end of December.

After capital commitments, the group had undrawn loan facilities and cash on deposit totalling £270m, down from £321m at the start of the quarter, but still providing "significant" liquidity headroom.

PHP said 97% of its net debt was fixed or hedged for a weighted average period of just over nine years, providing "significant" protection from increasing interest rates.

"The first quarter of 2022 has seen a good start to the year for PHP good progress converting our year-end pipeline into committed deals along with stronger organic like-for-like rental growth across our rent review and asset management activities, including the environmental upgrades that are required to meet our sustainability targets," said chief executive officer Harry Hyman.

"We expect to benefit from the current inflationary environment with an improving rental growth outlook and with the majority of our debt fixed or hedged we expect to remain in a very strong and robust position in the current volatile economic environment.

"In a capital constrained NHS, the access to capital that our business can bring can assist with the increased utilisation of primary care in order to relieve the pressures being placed on healthcare systems, hospitals and A&E departments from demographic drivers and the backlog of procedures missed over the last couple of years following the COVID-19 pandemic."

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PHP Market Data

Currency UK Pounds
Share Price 96.30p
Change Today 0.25p
% Change 0.26 %
52 Week High 106.30
52 Week Low 85.50
Volume 2,503,037
Shares Issued 1,336.49m
Market Cap £1,287.04m
RiskGrade 84

PHP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
37.01% below the market average37.01% below the market average37.01% below the market average37.01% below the market average37.01% below the market average
35.71% below the sector average35.71% below the sector average35.71% below the sector average35.71% below the sector average35.71% below the sector average
Price Trend
27.52% below the market average27.52% below the market average27.52% below the market average27.52% below the market average27.52% below the market average
20% below the sector average20% below the sector average20% below the sector average20% below the sector average20% below the sector average
Income
87.55% above the market average87.55% above the market average87.55% above the market average87.55% above the market average87.55% above the market average
85.19% above the sector average85.19% above the sector average85.19% above the sector average85.19% above the sector average85.19% above the sector average
Growth
82.01% below the market average82.01% below the market average82.01% below the market average82.01% below the market average82.01% below the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 4
Sell 1
Strong Sell 1
Total 10
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PHP Dividends

  Latest Previous
  Q3 Q2
Ex-Div 04-Jul-24 28-Mar-24
Paid 16-Aug-24 17-May-24
Amount 1.73p 1.73p

Trades for 12-Jul-2024

Time Volume / Share Price
16:36 1,614 @ 96.30p
16:35 855,371 @ 96.30p
16:35 1,352 @ 96.30p
16:35 1,962 @ 96.30p
16:35 6,626 @ 96.30p

PHP Key Personnel

CFO Richard Howell
CEO Mark Davies

Top of Page