Healthcare concern Assura Group made £12.6 million pre-tax in the 15 months to March, including £9.6 million of extraordinary gains.

The fully listed company, which has been changing from a medical property investor and developer into a ‘property-backed operator of pharmacy and medical services’, increased turnover from £16.1 million in the 12 months to December 2006 to £40.7 million in the 15 months to its new March year-end. Rental income rose from £10.7 million to £18.2 million, while pharmacy revenue surged from £2.8 million to £17.9 million.

Pre-tax profits show a £6.2 million decline to £12.6 million. But, if £5.9 million made on terminating a management contract with Westbury Property Fund and a £3.7 million profit on revaluing financial derivatives are deducted, the ‘normalised’ pre-tax profit was only £3 million, down from £13.1 million on a comparable basis.

At the end of March, Assura had net debt of £168 million and borrowing facilities of £270 million altogether from three banks. Chief executive officer Richard Burrell argues that the company’s new business model leaves it ‘ideally positioned for the very significant opportunity’ provided by the introduction of open competition and a free market in key areas of the National Health Service.

Assura shares, which reached 249.5p a year ago, now trade at 104.5p, valuing the company at £246 million.

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