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(Alliance News) - Empiric Student Property PLC on Thursday said it is expecting a 10% year-on-year rise in student revenue helped by a rise in occupancy.
The student accommodation provider added that there was an increase in revenue generated per bed. What's more, Empiric forecasts that its average cost per bed will fall by 8% year-on-year.
Administration costs are tipped to be around GBP9.5 million, below previous guidance of GBP10 million, but 4.4% higher than the GBP9.1 million reported in 2018.
Empiric said: "Bookings for the 2019-20 academic year are currently at 93%, in line with the corresponding point in the previous academic year. The company anticipates similar opportunities to sell semester lets as achieved during the 2018-19 academic year, which successfully increased bookings to achieve 97% occupancy. The company anticipates roughly 3% growth in average rents for the 2019/20 academic year."
Chief Executive Tim Attlee added: "We continue to make good progress in transforming Empiric into a fully integrated operational property business, leaving the company better placed to deliver improved customer experience and financial performance."
The company, which ends its financial year on December 31, said it will release guidance for the 2020 financial year in late January.
Empiric shares were 0.7% lower at 94.25 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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