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Financial highlights

Pharmacist checking stock

 

Information from the preliminary results for the year ending 31 March 2010:

 

Strategic Highlights

 

  • Medical services business (“AML”) sold to Virgin Healthcare Holdings Limited for £4m – leaves Assura Group with a 24.9% stake and £4m preferential loan note.
  • Significant cost reductions including £6.5m reduction in payroll from March 2009 to May 2010.

 

Operating Highlights

 

  • Investment portfolio increased 12.5% to £313.7m (2009: £278.9m).
  • Rent roll at 31 March 2010 increased 8.7% to £22.5m (2009: £20.7m1 ).
  • 7 new developments completed in the year - value £36.9m; 5 developments on site - anticipated value £38.2m.
  • 4 new health centre pharmacies opened in year.

 

Financial Highlights

 

  • Pharmacy revenues increased 16.9% to £31.2m2 (2009: £26.7m). Same store revenues increased 8% (for stores open for more than 2 years).
  • LIFT consultancy revenues increased 85.7% to £2.6m (2009: £1.4m).
  • Group revenues up 17.2% to £55.8m (2009: £47.6m).
  • Significant cost reductions implemented.
  • Pharmacy delivers maiden annual profit of £3.9m3 (2009: loss £7.6m) and now sustainably profitable.
  • Group trading profit from continuing operations up 155.8% to £13.3m (2009: £5.2m).
  • Adjusted net assets of £186.5m (2009: £204.4m), equivalent to 60.9p (2009: 66.2p) per Share4.
  • Debt repayments of only £9.5m required prior to March 2013.
  • £24.6m5 cash in hand at year end (2009: £24.8m).
  • New £30m facility from Santander Bank fixed on improved terms.
  • Dividend expected to resume in current financial year.

 

1 Including the rental value of own premises.
2 Excludes 50% share of revenue derived from pharmacies owned in joint venture with GP Care Limited.
3 Includes £1.3m reversal of licence impairment and £1.1m profit on disposal of pharmacies.
4 Adjusted diluted net asset value per Ordinary Share (excluding the notional mark to market value of the Company’s interest rate swap).
5 Includes £14.6m (2009: £12.6m) of restricted cash in respect of cash ring fenced for committed property development expenditure and an interest payment
guarantee.