Assura Group To Restart Dividends After Losses Narrow

29th Jun 2010 08:27

LONDON (Dow Jones)--Healthcare company Assura Group Ltd. (AGR.LN) Tuesday reported a sharply narrower fiscal-year loss and said it will resume dividend payments this fiscal year. Assura, which rents out property to doctors and owns pharmacies, said it is well-placed to grow now it has sold a loss-making unit that set up joint ventures with U.K. doctors to Richard Branson's Virgin Group. "The company is now well placed to achieve steady, sustainable and profitable growth and the board looks forward to recommencing dividend payments," Assura said. Assura reported a net loss attributable to shareholders of GBP7.19 million, compared with a loss of GBP108.8 million a year earlier. Revenue increased 17% to GBP55.8 million, aided by higher sales at its pharmacies and a sharp rise in consultancy fees for health trusts planning investment. Earnings were weighed on by goodwill and property impairments, restructuring and other costs. However, similar costs were higher a year earlier. Earnings were also hurt by losses from the unit sold to Virgin. Trading profit, which excludes these and other items, was GBP13.3 million, compared with GBP5.22 million a year earlier. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] Order free Annual Report for ASSURA GROUP LTD Visit http://djnweurope.ar.wilink.com/?ticker=GB0033732602 or call +44 (0)208 391 6028 (END) Dow Jones Newswires June 29, 2010 03:27 ET (07:27 GMT)