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Primary Health Properties PLC on Friday said it saw more acquisition opportunities after reporting a sharp increase in annual profit due to strong rental growth. The London-based healthcare facility investor posted an 80% surge in pretax profit to £47.0 million in 2024, from £26.1 million in 2023. Revaluation deficit on property portfolio narrowed to £38.4 million from £53.0 million. For 2024, rental income rose 7.0% to £181.7 million from £169.8 million. The occupancy was 99.1% as at December 31, almost flat from 99.3% at December 31, 2023. Primary Health boosted total dividend to 6.9 pence, up 3.0% from 6.7p. Earnings per share, which included revaluation deficit, rose 55% to 3.1p from 2.0p, while headline EPS was up 8.3% at 6.5p from 6.0p. HEPS excluded revaluation deficit. As at December 31, IFRS net tangible assets per share dropped 3.3% to 103p from 106.5p at December 31, 2023. It stood at 103.5 pence at June 30, 2024. ‘This is my first year-end since taking over as CEO last year and its pleasing to report a solid set of results that are slightly ahead of market consensus,’ Primary Health Chief Executive Officer Mark Davies said. Davies said the group looks set to improve rental growth further as it sees more opportunities to acquire earnings accretive acquisitions. Primary Health said on Friday it had acquired health & wellbeing clinic in Cork, Ireland for €22 million, bolstering its Irish portfolio. The property offers an attractive and accretive earnings yield of 7.1%. Shares in Primary Health were down 0.1% at 91.75 pence each on Friday in London. In Johannesburg, they were flat at R 21.75 in Johannesburg. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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