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Primary Health Properties - Another beneficiary of NHS plans

May 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • PGP
  • Price:
  • 278p
In any given year, Primary Health Properties (PHP; 278p), best known for owning a portfolio of property assets leased to the NHS, is never going to set the world on fire. It is a steady-as-she-goes type of business with a strong position in primary health care property (such as purpose built doctors surgeries) versus secondary care property (which includes hospitals). But the incremental performance over the years has been amazing. Since 1997, the company has been paying out most of its income in the form of dividends which have grown from 3.2p to 12p this year. A table provided by the company shows that gross assets have grown from ?30.4m to ?132m in 2003, against shareholder funds of ?50m, while the business has gearing (banking ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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