(Alliance News) - Empiric Student Property PLC on Wednesday said it performed in line with expectations in 2019.
The student accommodation provider said its gross margin is expected to be around 67%, in line with guidance.
Administration costs for 2019 are expected to be at GBP9.5 million, in line with guidance issued in October. This would be 4.4% higher than the GBP9.1 million in 2018.
Prior to October, Empiric guided for administration costs for 2019 to reach GBP10 million.
Empiric added: "For the year ending December 31, 2020, the board expects administration costs to remain broadly flat and anticipates delivering an enhanced gross margin."
The company added that it is on track to meet its 5.0 pence per share dividend target for 2019. For the nine months to September 30, it paid 3.75p per share in dividends.
Empiric added: "Improvements are continuing to be made across the business, which are expected to strengthen further the financial and operational performance of the group in 2020 and over the longer-term, delivering sustainable benefits to the company's customers and shareholders."
The company will release its full-year results on March 18.
Shares in the company were 0.3% higher at 100.27p each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Empiric (ESP)