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Assura PLC on Monday said it returned to annual profit due in part to a swing in property valuation, as the property group said it sees ‘substantial’ opportunities in UK healthcare market. The earnings release from Assura comes amidst a bidding war for the Johannesburg and London-listed company. Chair Ed Smith didn’t comment on the takeover offers on Monday, noting the company’s 2025 financial report doesn’t refer to them ‘unless absolutely necessary to describe each particular section of the report’. The real estate investment trust on Tuesday last week formally rejected an all-cash offer from a consortium led by US private equity investor Kohlberg Kravis Robert & Co Inc. Sana Bidco Ltd, the consortium made up of KKR and property investor Stonepeak Partners LP, made the ‘best and final’ offer for Assura early last month. Late last month, Assura directors recommended a raised cash-and-shares offer from fellow FTSE 150 listing Primary Health Properties PLC. Under the terms of the increased PHP offer, Assura shareholders will receive 0.3865 of a new PHP share and 12.5 pence in cash. Also, Assura shareholders are entitled to receive or retain a quarterly dividend of 0.84p per Assura share paid on April 1, and a quarterly dividend of 0.84p per Assura share paid on July 9. In a separate filing, PHP on Monday said it has received acceptances for 1.2% of Assura shares as of Friday last week. The PHP offer is open until August 12 to Assura shareholders. KKR in a separate statement on Monday said it has received insubstantial acceptances for its own offer. However, the consortium owns a 5.06% stake in Assura. Assura said it swung to pretax profit of £166.0 million for the 12 months that ended March 31 from a loss of £28.7 million in financial 2024. Revaluation gain was £57.9 million, flipped from a deficit of £131.5 million. Total revenue was £185.5 million, up 16% from £159.9 million, with net rental income rising 17% to £167.1 million from £143.3 million. Investment property value was £3.10 billion, up 14% from £2.71 billion, as a result of an uplift in Assura’s independent hospital portfolio, as well as upward rent reviews. Assura said changes being seen in the UK healthcare market mean there are ‘substantial and varied opportunities’ for it to take advantage of. The company said the independent sector has continued to experience a surge in demand, pointing out that this market in the UK has grown substantially to £6.8 billion per annum in revenue, following a 6.3% compound annual growth rate over the past 20 years. The UK National Health Service is in crisis, Assura said, highlighting an ageing population, increasingly complex long-term medical conditions, and cost inflation. Assura lifted its total dividend to 3.34 pence, up 3.1% from 3.24p. On Tuesday last week, Assura also declared a special dividend of 0.84p per Assura share. Basic earnings per share was 5.3p, swung from a loss per share of 1.0p. Looking ahead, Assura said it is already discussing ways to assist its tenants with future developments, asset enhancement, and sustainability improvements. ‘Prospects for the independent healthcare market remain strong,’ Assura Chief Executive Officer Jonathan Murphy said. On Monday morning, Assura shares were unchanged at 50.10p in London, and they were also flat at R 11.76 in Johannesburg. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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