Assura Group profits up

MedicX’s rival and takeover target Assura Group’s unaudited preliminary results for the year ended 31 March 2013, show strong results. Net rental income was £33.7m (2012: £30.9m) and after finance, administrative and other costs the company posted a £14.3m profit before tax (2012: £63.3m loss mainly as a result of losses on derivatives). The directors herald a growing market claiming health spending is non-discretionary with ever increasing pressure on primary care infrastructure from an ageing and more demanding population. It claims two-thirds of GP premises are not suitable for future needs and that regulation of GPs by the Care Quality Commission means primary healthcare facilities are required to meet their standards. The group has 5 new developments completed for a 7.1% yield on cost. It has nine projects on site and a further 40 potential schemes identified with an aggregate value exceeding £100 million.