(Alliance News) - Empiric Student Property PLC on Monday said it expects its full-year adjusted earnings per share to be in-line with consensus thanks to a record revenue occupancy performance.
The UK student accommodation operator boasted record-higher revenue occupancy of 98% for the 2022/23 academic year, ahead of previous guidance, with like-for-like average weekly rent growth of 5.2%.
As a result, adjusted earnings per share for 2022 are expected to be broadly in-line with consensus at 3.2 pence per share.
Empiric declared an interim quarterly dividend of 0.625p per share and reconfirmed its intention to pay a minimum total dividend of 2.5p for 2022. However, it cautioned that though it intends its dividend to be progressive, "given the significant recent change in macro-economic outlook, in particular the impact of inflation and rising interest rates", it is keeping its forward-looking dividend targets under review.
The London-based firm cited strong demand from students for its premium accommodation and high levels of customer service through its Hello Student platform for the success.
Empiric Student added it now has a greater proportion of UK students than in previous years, as a result of targeted marketing during the pandemic.
UK students now represent half of booking, with the balance being 29% Chinese students and 21% other international students. This compares to a pre-pandemic breakdown of around one third for each.
Shares in Empiric Student were down 0.1% at 83.10 pence on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Empiric (ESP)