5th Jul 2018 10:02
LONDON (Alliance News) - Empiric Student Property PLC on Thursday appointed a permanent finance & operations head and said it is on track to meet targets set for financial 2018.
The student accommodation operator said it 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 promoted Lynne Fennah to dual roles of chief operating & financial officer and that it is progressing on search for a new non-executive chairman.
The company said Fennah has led and assumed responsibility for all day-to-day operating activities of the company since December last year.
In March 2017, the company's then Chief Financial Officer Michael Enright resigned for personal reasons. Empiric subsequently appointed Nigel Turner as interim finance head, but said that it will seek a permanent replacement for the role of CFO.
Empiric shares were trading 1.6% higher on Thursday at 89.50 pence per share.
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