Primary Health Properties (PHP)

Sector:

Property Investment Trusts

Index:

FTSE 250

156.80p
   
  • Change Today:
    -0.60p
  • 52 Week High: 163.20p
  • 52 Week Low: 138.80p
  • Currency: UK Pounds
  • Shares Issued: 1,330.22m
  • Volume: 8,446,034
  • Market Cap: £2,085.78m
  • RiskGrade: 84

Primary Health Properties earnings rise in pandemic year

By Josh White

Date: Thursday 18 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Primary Health Properties reported a 13.4% improvement in net rental income in its preliminary results on Thursday, to £131.2m.
The FTSE 250 company said its adjusted earnings were 22.4% higher for the year ended 31 December at £73.1m, as adjusted earnings per share rose 5.5% to 5.8p.

Its IFRS profit before tax, excluding exceptional adjustments for MedicX, was up 44% to £109.3m, with the firm swinging to IFRS earnings per share of 8.8p, from losses of 6.5p in 2019.

Its total dividend per share was 5.4% higher at 5.9p, with the company distributing a total of £73.3m in the year, up from £59.4m.

Looking at its balance sheet, the firm's adjusted net asset value per share was 4.6% higher at 112.9p, and its IFRS net asset value per share was up 6.4% at 107.5p.

Notwithstanding the impact of Covid-19, Primary Health Properties reported an average uplift of 1.8% per annum on rent reviews completed in the year, with additional annualised rental income on a like-for-like basis totalling £2m or 1.6%, from both rent reviews and asset management projects.

Its contracted annualised rent roll increased 5.9% to £135.2m, as the company acquired 23 purpose-built medical centres in the year for £58.8m.

Four forward-funded developments were purchased in the year with a net development cost of £34.2m, at Arklow and Enniscorthy in Ireland, Epsom in Surrey and Llanbradach in Wales.

Since the period ended, Primary Health Properties had internalised its management structure at a cost including fees of £35.7m, with shareholders representing 99.95% of the votes cast voting in favour of the internalisation.

The move was expected to deliver annual cost savings of around £4m.

Its board also declared a first quarterly dividend of 1.55p per share declared, payable on 26 February, equivalent to 6.2p on an annualised basis.

That represented a further 5.1% increase over the 2020 dividend per share, and marked the start of the company's 25th consecutive year of dividend growth.

Primary Health Properties said it was intending to make further dividend payments in May, August and November, and maintain its strategy of paying a progressive dividend in equal quarterly instalments, covered by underlying earnings in each financial year.

"We continue to see demand for extra space to help enable the redirection of activities out of hospitals," said chief executive officer Harry Hyman.

"The need for modern, integrated, local primary healthcare facilities is becoming ever more pressing in order to relieve the pressures being placed on hospitals and accident and emergency departments.

"In early 2021, we successfully completed the internalisation of the group's management structure which will immediately deliver material financial and operational benefits driving further earnings and dividend growth, enhancing shareholder returns, whilst simultaneously broadening our appeal to a wider investment community and underpinning the next stage of the company's growth."

At 0824 GMT, shares in Primary Health Properties were up 0.13% at 148.6p.

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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 156.80p
Change Today -0.60p
% Change -0.38 %
52 Week High 163.20p
52 Week Low 138.80p
Volume 8,446,034
Shares Issued 1,330.22m
Market Cap £2,085.78m
RiskGrade 84

PHP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
72.18% below the market average72.18% below the market average72.18% below the market average72.18% below the market average72.18% below the market average
73.33% below the sector average73.33% below the sector average73.33% below the sector average73.33% below the sector average73.33% below the sector average
Price Trend
32.87% below the market average32.87% below the market average32.87% below the market average32.87% below the market average32.87% below the market average
13.51% below the sector average13.51% below the sector average13.51% below the sector average13.51% below the sector average13.51% below the sector average
Income
70.54% above the market average70.54% above the market average70.54% above the market average70.54% above the market average70.54% above the market average
Sector averageSector averageSector averageSector averageSector average
Growth
55.80% above the market average55.80% above the market average55.80% above the market average55.80% above the market average55.80% above the market average
37.14% above the sector average37.14% above the sector average37.14% above the sector average37.14% above the sector average37.14% above the sector average

What The Brokers Say

Strong Buy 4
Buy 1
Neutral 1
Sell 0
Strong Sell 0
Total 6
strong_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
  Q2 Q1
Ex-Div 01-Apr-21 14-Jan-21
Paid 21-May-21 26-Feb-21
Amount 1.55p 1.55p

Trades for 18-Jun-2021

Time Volume / Share Price
17:05 10,813 @ 156.80p
16:57 3,209 @ 156.80p
16:50 169,149 @ 156.80p
16:48 146,633 @ 156.80p
16:48 10,925 @ 156.80p

PHP Key Personnel

CEO Harry Abraham Hyman
CFO Richard Howell

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