Warrington-based FTSE 250 firm Assura reports £12.4m profit growth

Primary care investor and developer Assura plc saw its underlying pre-tax profits skyrocket by £12.4m in its last financial year, during which it also became a FTSE 250 firm.

In the 12 months to March 31 2016, the Cheshire-based company’s underlying profit before tax leapt by 78% to hit £28.3m.

Assura’s actual pre-tax earnings however stood at £28.8m, down from £36.6m the year previous, after the deduction of £34.1m in debt early repayment costs. Meanwhile, 2016 saw Assura reduce its net debt to £327.9m, a year-on-year drop of more than £122m

The year also saw the Warrington firm raise £300m in equity to fund its acquisition and growth strategy and land a new unsecured £200m revolving credit facility.

Assura currently operates a UK-wide portfolio of 321 medical centres, pulling in a net rental income of £58.4m.

Simon Laffin, Assura’s executive chairman, commented: “The NHS is under great strain at the moment, but there is a growing consensus that more and better primary care is one of the answers to this.

“We need more GPs, to use them more effectively and with more diagnostic and specialist medical staff around them. We know that patients prefer being cared for by their local GPs and that this is much cheaper for the NHS than those patients going into A&E.”

He continued: “Larger, better quality premises are crucial to house these enhanced services. Fortunately the UK has a unique and efficient funding model in the primary care property sector that can deliver substantial additional private capital investment to support this, whilst allowing the Government to control costs.”

Speaking further, Mr Laffin said be believes Assura boasts a “strong balance sheet” and stands ready to help the Government deliver “stronger vibrant primary care” services.

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