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Primary Health Properties Issues Q1 Trading Update

Primary Health Properties plc (PHP.L) issued trading update for the period 1 January 2021 to 31 March 2021, and said it remains "in a very strong and robust position" and have made good progress operationally across its rent review and asset management activities.

As at 31 March 2021 the Group's net debt stood at £1,081.3 million and on a pro-forma basis the Loan to Value ot LTV ratio was 41.9%. After capital commitments the Group has undrawn loan facilities and cash on deposit totalling £335 million providing significant liquidity headroom.

On 5 January 2021, the Group completed the internalisation of its management structure with shareholders representing 99.95% of the votes cast voting in favour of the internalisation which is anticipated to result in immediate annual cost savings of about £4.0 million, equivalent to 0.3 pence per share.

Harry Hyman, Chief Executive Officer of Primary Health Properties, said, "The need for modern, integrated, local primary healthcare facilities is becoming ever more pressing in order to relieve the pressures being placed on hospitals and A&E departments, to deliver the COVID-19 vaccine and catch-up on the back-log of missed procedures over the last year..."

On 25 March 2021, the company declared its second quarterly interim dividend of 1.55p per Ordinary Share which would be paid on 21 May 2021 to shareholders who are on the share register at the close of business on 6 April 2021.

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