Empiric Student Property has doubled earnings, with £20.6m raised in 2022.
The student property business said revenue had risen by 30% to £73m, up from £56m in 2021.
The portfolio valuation rose by 7.3% to £1.08bn.
Chief executive Duncan Garrood said: “We operate in a resilient sector, and we continue to see high levels of demand for our product for the 2023/24 academic year, which underpins our confidence in the outlook for the business and our commitment to our customer-first philosophy.”
Like-for-like rental income grew by 5.2% over the year, on top of rental growth of 5.3% the previous year. Empiric said occupancy for the academic year was a record 99%, and 90% for the financial year. In 2021, it was 71%. The company is targeting occupancy of 97% next year.
Garrood said: “2022 has been another year of razor-sharp focus on our strategic priorities, with significant progress made across all key metrics. The steps we have taken over the last five years to transform the operations of the business, improve our brand and focus on clusters of high-quality accommodation are delivering tangible results, evidenced by the record revenue occupancy, significant growth in earnings and improved operating margin that the business achieved in the year.”
Empiric said it will now focus on growing the business.
“The business is now well positioned for growth and we continue to recycle the proceeds of non-core sales into our pipeline of developments and refurbishments,” Garrood said.
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