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LONDON (Alliance News) - Empiric Student Property PLC said on Tuesday it saw a rise in profit and net asset value in the first six months of 2018, as its portfolio valuation grew.
For the six months to the end of June, the student accommodation provider reported a 50% increase in pretax profit to GBP21.7 million from GBP14.5 million, on top of revenue that grew by 28% to GBP31.3 million from GBP24.5 million.
Net asset value as at June 30 rose by 1% to 105.54 pence per share from 104.37p at the end of December, as its property valuation increased by 6% to GBP945.2 million from GBP890.1 million, with a like-for-like valuation increase.
In the six months, Empiric Student contracted 240 beds through one assets, taking the total to 9,398 beds through 95 assets in 29 UK cities and towns.
The group declared a dividend of 2.50 pence, down 18% from 3.05p the year before.
"This has been a positive six months for the group and while there is more to do, we are confident that we are on track to deliver our target levels of performance for the full year and beyond. Empiric has attractive assets in the right locations, giving us a portfolio that would be difficult to replicate. We also have a strong leadership team, with a clear plan for maximising the performance of those assets," said Chairman Stuart Beevor.
"As the operational transformation takes effect, and the financial results reflect that transformation, management is able to extend its focus to the further enhancement of NAV growth. This will be achieved through deploying the proceeds of the sale of non-core assets into development and forward funding projects in our core locations," Beevor added.
Shares in Empiric Student Property were up 1.8% at 95.73 pence on Tuesday.