MedicX Fund has announced its interim results for the half year ended 31 March 2015. The company reports adjusted earnings of £7.0 million during the period, an increase of £2.3 million or 48.9% year-on-year. Its adjusted net asset value increased 4.6% to 68.8p per share whilst the total share price return was 5.4% during the period. In terms of investments, the company made new commitments of £17.2m during the period, and now has £535.5m of committed investment in 141 primary healthcare properties. This a 3.3% increase over the period. The annualised rent roll is now £33.9m with 90% of rents reimbursed by the NHS – this is an increase of £1.1m or 3.4% during the period. In terms of funding, 8.3m shares have been issued during the period raising net proceeds of £6.8m, whilst a new £50m loan note was issued with an all-in fixed rate of 3.838% and a term of thirteen and a half years. Medicx had net debt of £265.6 million equating to 49.7% adjusted gearing as at 31 March 2015. A quarterly dividend of 1.475p per share was announced in April 2015 and the company reports that total dividends for the year are expected to be 5.9p per share (2014: total dividends were 5.8p per share)· Dividend cover increased to 67% for the six month period (31 March 2014: 48%). The company reports that it has a pipeline of approximately £100m of further acquisition opportunities.
MXF : MedicX sees half year profits rise 48.9%