StockMarketWire.com - Healthcare facility investor Primary Health Properties swung to a full-year loss owing to negative asset revaluations, though its adjusted earnings improved and it lifted its dividend 3.7%.

IFRS losses -- a measure of performance often used by property companies -- for the year through December amounted to £71.3m, compared to a profit of £74.3m on year.

The result included a £138.4m exceptional revaluation loss arising from the company's merger with MedicX.

IFRS pre-tax profit excluding MedicX exceptional adjustments rose 2.2% to £75.9m.

The company declared a full-year dividend of 5.6p per share, up from 5.4p on-year.

'2019 has been a transformational year in PHP's history following the completion of the all share merger with MedicX in March 2019, bringing together two high quality and complementary portfolios in the UK and Ireland,' chief executive Harry Hyman said.

'Continuing improvements to the rental growth outlook and further reductions in the cost of finance will help to maintain our strategy of paying a progressive dividend to shareholders which is fully covered by earnings, as we look forward to the future with confidence.'






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