Assura reports ‘good progress’ and a strong portfolio

Frontline real estate developer Assura is optimistic about its outlook but is mindful of its investment pipeline in the current economic climate, it told investors on Wednesday.

The Warrington-based group said the first half of the year to 30 September was ‘another period of good progress’, adding that it remained well positioned to meet UK demand for ‘quality’ primary care and health buildings as a partner of choice for the NS.

Assura said her portfolio currently includes 603 properties, with an annual housing allowance of £139.3 million.

The company invested £141m in additions over the period, with an average return on cost of 5 per cent, it said.

Assura also completed the sale of a portfolio of 61 properties for £73 million over the period, at a small premium to book value.

It added: ‘As of 30 September 2022, net debt was £1,092 million with cash and undrawn facilities of £284 million.’

Boss Jonathan Murphy said: “Our financial position remains very strong. Our debt portfolio is set at an average interest rate of 2.3 percent with an average long-term maturity of 7.5 years, and we have cash and committed undrawn facilities totaling £284 million.

“Together with the strength of our portfolio and the expertise of our teams, we are well positioned to take advantage of the opportunities ahead.

“That said, we recognize the current macroeconomic uncertainty and inflationary pressures across the industry and will continue to monitor and approach capital investment cautiously to ensure long-term success.”

Assur shares fell today and fell 4.32 percent or 2.32p to 51.48p this afternoon. The group’s share price has fallen by almost 30 percent in the past year.