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Primary Health Properties Swings To Profit In FY20

Primary Health Properties plc (PHP.L) reported a profit for the full year 2020 on increased rental income led by strong demand on health systems around the world.

The company's IFRS profit for the year amounted to £112.0 million or 8.8p per share compared to a loss of £71.3 million or 6.5p per share last year.

Adjusted earnings increased 22.4% to £73.1 million from £59.7 million a year ago. On a per share basis, earnings rose 5.5% to 5.8p from the previous year's 5.5p.

Net rental income receivable in the year increased by 13.4% to £131.2 million from £115.7 million in the previous year.

Harry Hyman, Chief Executive, said, "We have continued to support the NHS in the UK, HSE in Ireland and our GP occupiers throughout the COVID-19 pandemic which has highlighted the demands on health systems around the world. Many of our primary care facilities and occupiers are now in the front-line of delivering Covid-19 vaccines. We continue to see demand for extra space to help enable the redirection of activities out of hospitals..."

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