Third Quarter results published

Strong progress being made in execution of focussed business plan

Assura is one of the leading healthcare companies in the UK, partnering with GPs to deliver high quality patient care in the community. The Company is today publishing the following Interim Management Statement for the period from 1 October to date.



Highlights:

• Nine of the Company’s GPCos have been appointed as Preferred Bidder in the Equitable Access Procurement programme. Total contract values according to PCT forecast activity should amount to over £40m over a five year period commencing during 2009.


• Turnover in wholly owned pharmacies was up 62% compared to the same quarter last year (Oct-Dec), with Assura’s 37 pharmacy stores enjoying a record month in December 2008. On a like for like basis, the number of prescription items was up 12% compared to the Q3 figures last year.


• 6 non-core properties sold for £17.6m at a net initial yield of 5.99%.


• Rental growth continues to average 6.04% per annum based on 46 reviews so far this year.


• Restructuring and other cost savings to date have reduced HQ expenses by £2.4m per annum compared with the 30 September 2008 run rate.


• Improved net debt position and banking headroom following the capital raising in


• October and the recent disposal of non-core properties. Net debt as at 4 February 2009 was £209m compared to £231m as at 30 September 2008. Total facilities amount to £320m including loans totalling £25m in legal hands.
  
   

Please click here to view the full statement

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