The primary care facilities provider showed today that the primary healthcare property market is in rude health reporting a net asset value rise of 23%

The share price rises to 392p in the year to 30 June, driven by a £15m surplus from Lambert Smith Hampton’s revaluation of the portfolio of predominantly doctors’ surgeries. Along with committed acquisitions the portfolio is valued at £225m.

Pretax profits dropped slightly from £19.4m to £18.4m due to increased administration and financing costs.

‘Our product is in demand from both the occupier and the investment market, resulting in continuing growth in our rental income and a significant uplift in total valuation and net asset value,’ said managing director Harry Hyman. ‘The prospects for the sector, with its long lease lengths, good quality covenants and importantly the continuing commitment by Government to renew the primary care estate, continue to remain strong.’

The company confirmed that it planned to convert to a REIT next year.