Firm planning new Irish healthcare centres sees earnings jump by 12pc
THE UK's Primary Health Properties (PHP), which plans to spend €300m on healthcare centres in Ireland by the end of 2021, has reported a 12pc increase in EPRA earnings per share to 2.8p in the six months to June 30.
EPRA earnings measure the operating performance of an investment property company.
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During the period, the business completed its merger with MedicX, which contributed £7.6m (€8.5m) to the adjusted EPRA earnings over 3.5 months.
he two companies combined have spent €174m on 15 assets around Ireland, and plan to spend a further €130m here over the next three years.
Net rental income at the group increased 44pc to £53.8m during the period, according to its interim results.
Meanwhile, the company reported an underlying property valuation surplus of £17.7m.
Harry Hyman, managing director of PHP, said: "We have continued to selectively grow the portfolio, particularly in Ireland, and further strengthened the balance sheet with a new £150m unsecured convertible bond issue which closed on July 15, 2019.
"PHP's high-quality portfolio and capital base have helped to deliver another period of strong earnings performance, and we are on course to deliver our 23rd consecutive year of dividend growth."
In March, the group acquired Meath Primary Healthcare Centre, in Dublin's south inner city, for €10.9m.
The centre provides a range of services, including three GP practices, dentistry, physiotherapy services, and a pharmacy.
In addition, the group has a number of other facilities around the country, including in Athy, Newbridge, Celbridge and Mountmellick.
Shares in the company closed at £135, up 0.45pc, on the FTSE 250 index in London yesterday.