MedicX Fund (MXF)

Business description

MedicX Fund is a specialist investor in primary care infrastructure. Properties are let mainly to government-funded (NHS or HSE) tenants (c 89%) and pharmacies (c 8%) on GP surgery sites. It has one completed property in the Republic of Ireland and three under development.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 34.3 N/A 28.2 3.8 22.7 N/A
2017A 35.9 N/A 33.3 3.6 24.0 N/A
2018E 40.4 N/A 27.6 4.0 21.6 N/A
2019E 45.9 N/A 30.5 4.4 19.6 N/A

Last updated on 19/12/2017

Investment summary

FY17 saw steady underlying growth in the investment portfolio and recurring earnings. Overall returns were further enhanced by positive revaluation movements reflecting continued tightening in market yields. Investment in development schemes had a limited impact on earnings in FY17 but completions and continuing acquisitions from a strong pipeline offer good growth prospects. The dividend has been increased and MedicX Fund (MXF) expects to pay 6.04p in respect of FY18, a yield of 7.1%, supported by growing highly secure, long-term income derived mainly from government sources.

Last updated on 19/12/2017

Industry outlook

Healthcare planning, with broad political support, suggests strong underlying demand for modern healthcare properties in both the UK and the Republic of Ireland. In addition to providing investment opportunities, this seems likely to support rental growth.

Last updated on 13/12/2017

Key management

David Staples, Chairman
Mike Adams, CEO
Alan Pennell, Financial Controller

Company address

5 Godalming Business Centre
Woolsack Way
United Kingdom
+ 44 (0) 1483 869 500
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