| Item | 2016 result (£m) | % change |
|---|---|---|
| Pretax profit | 43.7 | -22 |
| Net rental income | 66.6 | 6.9 |
| EPRA earnings | 26.8 | 23.5 |
| Return on investment | 1.2bn | 11 |
| Total return | 7.9% |
Primary Health Properties has posted a pretax profit slide of 22% from £56m to £43.7m in its results for the year to the end of December 2016.
However, its net rental income increased by 6.9% to £66.6m, while EPRA earnings increased by 23.5% to £26.8m.
Its investment property portfolio grew by 11% to £1.2bn for the year, with like for like growth of 2.3%. It had a total return of 7.9% in 2016, against the IPD all property quarterly index return of 3.6%.
The firm also announced the appointment of Richard Howell to replace Phil Holland as finance director with effect from 31 March 2017.
He is currently finance director of LondonMetric Property’s joint ventures.
Howell will initially join Nexus Tradeco, the company’s adviser, on 13 March 2017. His services will be provided to PHP under the terms of the advisory agreement between PHP and Nexus.
Harry Hyman, managing director of Primary Health Properties, said: “The demand for healthcare services remains higher than ever. PHP remains alive to the strong pipeline of potential acquisition and forward funding opportunities in both the UK and Ireland, and will build on its track record of providing GPs with flexible, purpose-built medical centres.”
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