Purpose-built student accommodation leader Empiric has boosted revenues and earnings after a “strong start” to the year.
Chief executive Duncan Garrood said: “2023 is firmly on track to be another record year for the company.”
Revenue was up by 16% to £41.3m, while EPRA earnings rose by 18.5% to £14.1m.
Garrood added: “We are confident that like-for-like rental growth of around 9% will now be achieved, significantly ahead of previous guidance.”
Empiric disposed of four properties over the period, generating £34.6m. Contracts have also been exchanged for the sale of two more, for £8.8m. Non-core assets now represent just 4% of the £1.06bn portfolio.
Garrood said: “The business has experienced a very strong start to the year… with improving operating margins, increased earnings per share, a robust balance sheet and significantly enhanced portfolio quality following ongoing refurbishments and execution of our non-core disposal programme.”
The six-month figures come as A-level students across the country receive their results and make final university choices. But it is unlikely anyone going through clearing will find available digs with Empiric.
Garrood said: “Our accommodation is now effectively full for the forthcoming academic year with occupancy at 98%, a level achieved earlier than ever before.”‘
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
