LONDON (Alliance News) - Primary Health Properties PLC is making strides towards improving its dividend cover and expects to do more to ensure that continues, according to its managing director.
"The first six months of the year saw substantial progress toward achieving our strategic priority of a return to full dividend cover, with cover rising to 76% for that period. The continued portfolio expansion, rental growth and cost savings on both debt and management costs that will be evident in the second half of the year, will ensure that dividend cover improves further in the remainder of 2014 and into 2015," Managing Director Harry Hyman said in a statement.
In an interim management statement for the period between July 1 and November 10, the company said rental growth has continued, with the average annualised increase on reviews completed in the nine months to September 30 at 1.9%. It was 2% for the 2013 full year.
Primary Health Properties shares were up 0.1% at 351.19 pence on Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Primary Health (PHP)