Primary Health Properties PLC ("PHP", the "Group" or the "Company"), a leading investor in modern primary health facilities, announces its audited preliminary results for the year ended 31 December 2023.
Harry Hyman, Chief Executive, commented:
"We are encouraged by the organic rental growth achieved in 2023, resulting in another record year with an additional £4.3 million generated from our rent review and asset management activities. The strong rental growth in the year has been reflected in the positive total property return, significantly ahead of the wider property market.
"Furthermore, with over 97% of PHP's debt either fixed or hedged, a strong control on costs, significant liquidity headroom and just one development on site we have limited exposure to further cost increases and development risk.
"The high quality of PHP's portfolio reflects the security and longevity of our income with 89% government funded, near full occupancy and continued rental growth which are key drivers of our predictable cash-flows and underpin our progressive dividend policy with 28 years of continued growth. With a market leading portfolio across the UK, and increasingly in Ireland, we are well positioned for long-term success."
And later;
Dividends
The Company distributed a total of 6.7 pence per share in 2023, an increase of 3.1% over the 2022 dividend of 6.5 pence per share. The total value of dividends distributed in the year increased by 3.2% to £89.5 million (2022: £86.7 million), which were fully covered by adjusted earnings. During 2023, the scrip dividend scheme continued to be suspended in light of the ongoing weakness in the share price and a dividend re-investment plan is being offered in its place.
The first interim dividend of 1.725 pence per share was declared on 4 January 2024, equivalent to 6.9 pence on an annualised basis, which represents an increase of 3.0% over the dividend distributed per share in 2023. The dividend was paid to shareholders on 23 February 2024 who were on the register at the close of business on 12 January 2024. The dividend will be paid by way of a property income distribution of 1.45 pence and normal dividend of 0.275 pence.
The Company intends to maintain its strategy of paying a progressive dividend, paid in equal quarterly instalments, that is covered by adjusted earnings in each financial year. Further dividend payments are planned to be made on a quarterly basis in May, August and November 2024 which are expected to comprise a mixture of both property income distribution and normal dividend.
https://www.investegate.co.uk/announcem ... s-/8059628
Also posted on Company News here; viewtopic.php?p=649798#p649798
I hold these in my HYP, and know others here do too, so this may be of interest here.
Ian.