Primary Health Properties - Merger synergy underpins increased DPS

Primary Health Properties (PHP) ended a transformational year with strong momentum in both organic rental income and the integration of Assura into the enlarged group. In the two months since the Competition and Markets Authority gave clearance for the combination, 60% of the expected £9m cost synergies have been put in place and good progress has been made with plans to reduce leverage back to within the targeted range. Underlining management's confidence, and the robust and visible nature of underlying earnings, a Q126 DPS of 1.825p was declared, annualised to 7.3p, up from 7.1p in FY25, marking the 30th year of consecutive growth.

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