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(Alliance News) - Unite Group PLC on Monday said it has not seen any noticeable impact to date on sales performance for the 2020-21 academic year from the new coronavirus outbreak and all of its student properties remain open.
Shares in the company were down 11% at 841.00 pence each in London. The FTSE 250 index, of which it is a component, was down 10%.
The student accommodation provider said reservations to date are currently at 77%, flat year-on-year, and sales to and enquiries from international students remain in line with prior years.
"We now plan to operate a reduced programme of summer business in 2020 given the risk of disruption to bookings. The removal of variable costs associated with our summer business will help to mitigate the impact on earnings, which we do not expect to be material," Unite said.
The company's summer business accounted for 3% of rental income in 2019.
By Tapan Panchal; tapanpanchal@alliancenews.com
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