Assura seeks reassurance

While the NHS has its ups and downs, Assura (AGR) has time and again proved the consistency of its business model in supplying primary care accommodation to the world’s largest healthcare monopoly. It was therefore surprising that the interim results were tentative, almost disappointing, as management signalled that the company would largely retrench its position and focus on returns from deployed capital, rather than expanding by acquisition, at a time when major question marks hang over government spending for the next couple of years – even for organisations as revered in the public imagination as the NHS. In a sense, Assura is reverting to type as a business that is easily caricatured as being afraid of growth.