(Correcting that Chief Financial Officer Lynne Fennah will take on the additional role of chief operating officer)
LONDON (Alliance News) - Empiric Student Property PLC said Thursday that it is on track to meet targets set for financial 2018, and added that Chief Financial Officer Lynne Fennah will assume the additional role of chief operating officer.
Fennah, who became chief financial officer of the company in June 2017, has led and assumed responsibility for all day-to-day operating activities of the company since December and, in recognition of the continued positive financial and operational progress of the company, the board has formalised Lynne's responsibilities, the company said.
The student accommodation operator said it has delivered financial and operational improvements across the business during the six months to the end of June.
Empiric expects to achieve full occupancy levels for the academic 2019. Currently, the company said bookings stand at 76%, representing an improvement compared to 63% in the same period a year earlier.
It also plans to reduce administrative expenses by 26% to GBP10 million per year in financial 2018. The company plans to achieve this by bringing all facilities management in-house by April next year. The programme is already in progress, Empiric said, with 33% of properties expected to be transferred in-house by September.
Meanwhile, the management of all utilities has already been successfully transferred in-house from July. The company anticipates the first significant cost savings from this transfer in the fourth quarter of 2018.
In addition, Empiric said it is progressing on search for a new non-executive chairman. Shares in the company were trading 2.4% higher on Thursday at 90.17 pence per share.
Empiric (ESP)