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PHP Sees 9% Earnings Boost from Assura Deal
30 Jul
Summary
- Adjusted earnings per share increased by 9% in the first half of 2026.
- The company achieved 30 consecutive years of dividend growth.
- Assura acquisition integration is substantially complete, nearing synergy targets.
Primary Health Properties (PHP) has announced a robust performance for the first half of 2026, with adjusted earnings per share rising by 9%. This achievement was supported by healthy rental growth, significant synergies from the Assura acquisition, and the full-period contribution of the acquired entity.
The company's adjusted earnings reached £98 million, with adjusted earnings per share climbing to 3.8 pence. This performance reinforces PHP's projected 2026 dividend of 7.3 pence per share, which is described as fully covered. Remarkably, PHP has now achieved its 30th consecutive year of dividend growth.
Integration of the Assura acquisition is substantially complete, with over 90% of the anticipated £9 million in annual cost synergies already realized. PHP is actively working to reduce leverage and refinance the facilities that funded the acquisition. Like-for-like rental growth contributed an additional £4 million in income during the period, with rent reviews yielding a 6% uplift.
The property portfolio demonstrated strong performance, achieving a 99% occupancy rate and a 10-year weighted average unexpired lease term. Government-backed income accounts for 76% of the portfolio's revenue, with over 80% of future income having similar investment-grade support. The portfolio generated an £18 million valuation surplus.
