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Unaudited interim results for the six months ended 30 June 2025
Primary Health Properties PLC
(Incorporated in the United Kingdom)
Company Number: 3033634
LSE Share Code: PHP
JSE Share Code: PHP
ISIN Code: GB00BYRJ5J14
LEI: 213800Y5CJHXOATK7X11
("PHP" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
1. SALIENT FEATURES
• Net rental income increased by 3.1% to £78.6 million (June 2024: £76.2 million)
• Adjusted earnings per share (see note 1) increased by 2.3% to 3.54 pence (June 2024: 3.46 pence)
• Headline earnings per share ('HEPS') (see note 2) decreased by 5.9% % to 3.2 pence (June 2024:
3.4 pence)
• Earnings per share ('EPS') increased to 4.4 pence (June 2024: 0.3 pence)
• Dividend per share increased by 2.9% to 3.55 pence (June 2024: 3.45 pence) and remains fully
covered by adjusted earnings at 100%
• Net tangible assets per share increased by 1.0% to 104.0 pence (December 2024: 103.5 pence)
• Investment property portfolio valuation of £2.81 billion (December 2024: £2.75 billion)
• Net initial yield of 5.25% (December 2024: 5.22%)
• Weighted average unexpired lease term of 9.1 years (December 2024: 9.4years)
• Occupancy of 99.1% (December 2024: 99.1%)
• Rent-roll funded by government bodies of 88% (December 2024: 89%)
• Average cost of debt of 3.4% (December 2024: 3.4%)
• Loan to value ratio of 48.6% (December 2024: 48.1%)
• Weighted average debt maturity (drawn facilities) of 5.1 years (December 2024: 5.7 years)
• Total undrawn loan facilities and cash of £107.3 million (December 2024: £270.9 million)
Notes:
1. 'Adjusted earnings, which is a tax adjusted measure of revenue profit, is the basis for the calculation
of adjusted earnings per share. PHP believes adjusted earnings and adjusted earnings per share
provide further insight into the results of the Company's operational performance to stakeholders as
they focus on the net rental income performance of the business and exclude capital and other items
which can vary significantly from year-to-year; and
2. The main difference between HEPS and EPS are due to non-cashflow gains and losses arising on
the valuation of the Company's property portfolio. EPS were further impacted by non-cashflow losses
arising from convertible bond and interest rate derivates.
2. OUTLOOK
PHP continues to believe the compelling strategic and financial rationale for the recommended combination
with Assura plc ("Assura"). We are also pleased to have secured strong support for the transaction from
PHP shareholders at our general meeting with over 99% of voting shareholders approving the proposed
combination which is a strong endorsement of the Company's ability to deliver an earnings accretive
transaction.
At an important time for our sector, a combined group creates a strong platform that offers scale, income
and valuation growth with both resilience and an important social purpose. UK PLC ownership of primary
care facilities also provides appropriate stewardship of these social infrastructure assets.
PHP welcomes the Governments 'fit for the future' 10-year Health Plan for the NHS in England with its
emphasis on shifting services to modern primary care facilities in a community setting. Our track record in
primary care and relationships with NHS stakeholders place PHP at the centre of the solution to deliver on
the Government's plan. This backdrop, together with the improving rental growth outlook, and the potential
for valuations to be at an inflexion point in the current economic cycle represents a very encouraging
outlook for the combined group over the long term.
PHP has delivered another period of strong operational and financial performance with a focus on driving
rental growth from our existing assets and are encouraged by the firmer tone of rental growth experienced
over the last couple of years. We believe the dynamics of inflation in recent years, including significantly
increased build costs combined with demand for new primary care facilities and the need to modernise
the estate will continue to drive future rental settlements.
These factors, along with the encouraging Government commitments to a neighbourhood health service
and the resulting increased investment in primary and community care, enable us to look forward to the
rest of 2025 and beyond with confidence.
3. SHORT FORM ANNOUNCEMENT
The short form announcement is the responsibility of the directors of the Company. It contains only a
summary of the information in the full announcement ('Full Announcement') and does not contain full or
complete details. The Full Announcement can be found at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/PHPE/Interims25.pdf
A copy of the Full Announcement is also available for viewing on the Company's website at
https://www.phpgroup.co.uk/investors/results-reports-and-presentations/.
Any investment decisions by investors and/or shareholders should be based on consideration of the Full
Announcement, as a whole.
4. CAPITAL MARKETS UPDATE AND WEBCAST DETAILS
An in-person Capital Markets Update presentation will be held today, 24 July 2025 at 2.30pm BST
(3.30pm SAST) at the offices of Deutsche Numis, 45 Gresham Street, London, EC2V 7BF and for those
who cannot attend in person, the meeting will be accessible via live video webcast and conference call
facility. Following the presentation there will be a managed questions and answers session. If you would
like to register your interest in attending the meeting in person or virtually, please contact Burson
Buchanan via php@buchanan.uk.com.
The event will provide valuable insight into the future of healthcare real estate, highlighting the radical
shift from hospital to community care and how PHP is strategically well placed to benefit from this positive
outlook. PHP management will also present an operational and financial update including the
recommended combination with Assura.
A keynote speech will be delivered by former Health Secretary and Chancellor, Sir Jeremy Hunt, a long-
term advocate for increased investment in primary care, followed by an opportunity for a live Q&A.
The Company has a primary listing on the London Stock Exchange and a secondary listing on the
JSE Limited.
United Kingdom
24 July 2025
Sponsor: PSG Capital
Date: 24-07-2025 08:00:00
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