Primary Health Properties PLC (LON:PHP) has said it remains committed to maintaining a fully covered dividend whilst paying out substantially all of its underlying earnings.
The FTSE 250-listed investor in modern primary healthcare facilities reaffirmed the payout commitment at its annual general meeting, held today in London.
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In a statement to be delivered at the AGM, the group’s managing director, Harry Hyman said: "The first half of the year has started well for PHP. Since the completion of the MedicX Fund Limited merger, attention has focussed on integrating the two businesses to deliver the financial benefits identified at the time of the transaction. The integration is progressing according to plan.”
He added: “Additionally, our priority has been to maintain operational momentum by pursuing new pipeline acquisition opportunities both here and in Ireland, and ensuring rental growth prospects are maximised as well as pursuing asset enhancement projects.”
The company said it will be announcing its first half results on 25 July 2019 when the board intends to set out more details.
Meanwhile, Capital Research analyst Ed Stacey today issued a note on PHP, in which he concluded: “We believe that the conditions remain in place for PHP to continue generating strong returns in the next few years, and to continue its unbroken run of dividend increases.”