Primary Health Properties (PHP)

Sector:

Property Investment Trusts

Index:

FTSE 250

 96.05p
   
  • Change Today:
      0.000p
  • 52 Week High: 106.30
  • 52 Week Low: 85.50
  • Currency: UK Pounds
  • Shares Issued: 1,336.49m
  • Volume: 0
  • Market Cap: £1,283.70m
  • RiskGrade: 84

Primary Health Properties raises interim dividend amid 'strong' property returns

By Iain Gilbert

Date: Wednesday 27 Jul 2022

LONDON (ShareCast) - (Sharecast News) - Property investor Primary Health Properties said on Wednesday that organic rental growth had continued to drive "strong" property returns in a "turbulent market".
Primary Health Properties reported a 5% increase in interim net rental income to £7.1m, while adjusted earnings grew 9.8% to £44.7m for the six months ended 30 June, and adjusted earnings per share improved to 3.4p from 3.1p per share a year earlier.

The FTSE 250-listed firm, which hiked its interim dividend 4.8% to 3.25p per share, said its adjusted net tangible asset per share improved 3.5% to 120.8p, while net initial yields dipped slightly from 4.64% to 4.57%.

Contracted rent rolls rose 1.3% to £144.2m on an annualised basis, while the percentage of the group's rent roll funded by government bodies dipped from 90% to 89%.

Average cost of debt rose one-tenth of a percentage point to 3.0%, while PHP's weighted average debt maturity contracted from 8.2 years to 7.8 years, and total undrawn loan facilities and cash dropped to £290.6m from £321.2m.

Chief executive Harry Hyman said: "We are encouraged by the firmer tone of rental growth experienced in the period from the ongoing rent reviews and asset management projects successfully completed. Furthermore, with the majority of PHP's debt either fixed or hedged for a weighted average period of just under eight years the board remains confident that PHP can continue to deliver further earnings and dividend growth.

"Notwithstanding the outlook for longer-dated interest rates the investment market has remained robust in the first half of the year and we have continued to see further net initial yield compression in both the UK and Ireland."

As of 0900 BST, PHP shares were down 0.63% at 142.80p.



Reporting by Iain Gilbert at Sharecast.com

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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 96.05p
Change Today 0.000p
% Change 0.00 %
52 Week High 106.30
52 Week Low 85.50
Volume 0
Shares Issued 1,336.49m
Market Cap £1,283.70m
RiskGrade 84

PHP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
38.72% below the market average38.72% below the market average38.72% below the market average38.72% below the market average38.72% 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
Price Trend
17.37% below the market average17.37% below the market average17.37% below the market average17.37% below the market average17.37% below the market average
13.33% below the sector average13.33% below the sector average13.33% below the sector average13.33% below the sector average13.33% below the sector average
Income
87.33% above the market average87.33% above the market average87.33% above the market average87.33% above the market average87.33% 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
81.83% below the market average81.83% below the market average81.83% below the market average81.83% below the market average81.83% 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 --2024

Time Volume / Share Price
0 @ 0.000p

PHP Key Personnel

CFO Richard Howell
CEO Mark Davies

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