Half Year 2024 Primary Health Properties PLC Earnings Call Transcript
Key Points
- Solid set of results in line with consensus and market expectations.
- Close to 90% of revenue derived from the UK and Irish government, ensuring strong income security.
- GBP1.8 million of organic like-for-like rental growth, equating to about 2.4% annualized growth.
- Cost of debt remains unchanged at 3.3%, with steps taken to reduce cost ratios further.
- Dividend increased by 3%, marking the 28th consecutive year of growth.
- Revaluation deficit of GBP40 million, driven by yield expansion and interest rate environment.
- GBP800,000 of additional property costs due to a one-off write-off for a development that didn't progress.
- Challenges with the district valuer causing delays in rent review settlements.
- Loan-to-value ratio at 48%, which is on the higher end of their target range.
- Limited transaction activity in the UK and Ireland investment markets, with some competition in Ireland.
Great. Good morning, everybody. It's nice to see sort of good turnout. I think we worried we didn't have enough seats for a minute, but hopefully you could hear me okay at the back, and welcome to our results presentation. So, this is my first results presentation as the new CEO.
To my left, I have Richard Howell, our CFO. We're obviously very grateful to you guys taking the time to listen to our presentation this morning. I think we've got quite a few people on the line, some in the UK and some in South Africa. So, welcome to you all.
And there will be an opportunity to ask questions at the end of the presentation. This morning's agenda is firstly, an overview from me. I'll seek to extract what I think are the key highlights in our results and in the future. I'll talk about my first 50 days in the business as well, which hopefully you'll find interesting my first impressions. Given that we're three weeks away from a recent election in the UK, no doubt we'll end up talking about the new government's
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