Assura Limited (AGR) Earnings Call Transcript & Summary
July 7, 2020
Earnings Call Speaker Segments
Unknown Attendee
attendeeWelcome to BRR Media. Today, I'm joined by Jonathan Murphy, who is the CEO of Assura. Good afternoon to you, Jonathan.
Jonathan Murphy
executiveGood afternoon.
Unknown Attendee
attendeeJonathan, trading update that came out today, it's positive. Talk us through the operational update.
Jonathan Murphy
executiveYes. So we've had a busy first quarter of the year. We've completed 7 acquisitions for GBP 35 million, which for a quarter's activity is a strong level of activity for us. We remain very busy across our developments. So despite COVID interruptions, we're still active on all of our construction sites. 18 active at the moment, and we're continuing to make good progress. And the underlying business remains in a strong position. All rents collected in the ordinary course. So the business remains in a strong position.
Unknown Attendee
attendeeMaybe you could just give us a little bit more about that first quarter and maybe on some of your developments.
Jonathan Murphy
executiveYes. So we exited last year with a very strong front line. I'm really pleased to see 2 schemes now completed. So Netherfield and Stafford. So Netherfield is a small town outside Nottingham, and that brand-new center is now open. The latest sustainability elements incorporated into the building, providing expert care to over 12,000 patients now. And the doctors are open -- fully open, and that building's being really well received by the local population. And then in terms of our other schemes, we started on-site with another 5 schemes. So we're now up to 18 projects that we've got under construction at the moment, right across the U.K., so a very broad spread.
Unknown Attendee
attendeeAnd what about the balance sheet, Jonathan?
Jonathan Murphy
executiveYes. It's been a busy period for the balance sheet as well. So we've renegotiated all our debt facilities. So -- with our banks. So our RCF, our 4 supportive banks have continued with that support and extended it out for another 4.5 years. So that GBP 300 million facility has just been renewed. Really pleased with the support that we've got from the banks. And that means that we've got plenty of firepower to continue on our growth trajectory. So plenty of acquisitions and developments to go now with the funding in place to support.
Unknown Attendee
attendeeAnd obviously, lockdown is now gradually easing. That must open opportunities for you.
Jonathan Murphy
executiveYes, absolutely. So on the construction side, obviously, those sites are -- all of those disruptions are now being minimized, and those new ways of working are now well understood. New business is also starting to come back. So we are seeing pitches for new projects or ongoing approvals from the NHS are coming through. And also as our buildings become increasingly busy post lockdown, we are seeing some projects in terms of reconfigurations and improvements. And that gives us a lot of opportunity as we emerge from the current situation.
Unknown Attendee
attendeeWell, Jonathan. Thanks for your time today.
Jonathan Murphy
executiveGreat. Thank you very much. Thanks.
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