Primary Health Properties lifted its dividend as it unveiled a rise in annual earnings, driven by demand for facilities to catch up on the backlog of delayed operations due to the Covid pandemic.
The company on Wednesday posted adjusted earnings of £83.2m, up 13.8% on a 4.2% increase in net rental income to £136.7m. The dividend was increased to 6.2p a share from 5.8p.
“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 and to catch up on the back-log of missed procedures,” the company said.
“Despite the continued volatility in the economic and political environment and the prolonged era of low interest rates, there continues to be an unrelenting search for secure, long and reliable income. Primary healthcare, with its strong fundamental characteristics and government-backed income, has been a significant beneficiary of this trend.”
