Listed healthcare property developer and investor Assura Group today announced a 49 per cent dividend hike on the back of more than doubling profits.

The firm, which yesterday confirmed a £22.4m deal to sell its interest in seven companies (LINK), said it had a net rental income of £17.9m in the six months to September 30, up from £16.9m in 2012.

Its pre-tax profits rose 114 per cent from £5.7m to £12.2m.

Assura, which builds and lets GP surgeries and other primary care properties, now has a rent roll of £40.7m from around 200 units.

It said it was going to increase its annual dividen by 49 per cent to 1.8p, or 0.45p a quarter.

The Warrington group also spent bought a portfolio of properties from Sunderland-based Trinity Medical Properties for £62.9m during the year.

Chief executive Graham Roberts said: “These results build on our achievements last year. Our performance has been driven by intensive management actions over the period as we continue to drive value from our core investments, grow our asset base, extract value from our non-core portfolio and add value through financial discipline.

“This together with our successful acquisition of the Trinity portfolio has allowed us to make a step change increase in our quarterly dividend of 49%, and retain our progressive dividend policy.

“Demands on the NHS will continue increasing, and primary care must play a key and growing role in meeting the nation’s future healthcare needs. Assura, through its expertise, development programme and low cost structure, is well placed to help deliver primary care space for the future.”

On April 1, Assura converted to a Real Estate Investment Trust, which it said enables it to “compete with other tax efficient investors and access a global specialist investor base.”

Shares rose 2.63 per cent to 39p on the announcement.