27th Jul 2022 08:57
Unite Group PLC - Bristol-based student accommodation provider - EPRA net tangible asset per share rises 6.6% to 940 pence at June 30 from 882p at end of December, and is up 12% from 837p a year ago also. Pretax profit jumps to GBP334.1 million from GBP130.4 million year-on-year, and firm boosts interim dividend by 69% to 11.0p from 6.5p.
"The business has delivered a strong performance in the first half, following removal of the last remaining Covid-19 restrictions on Higher Education, with earnings and dividends surpassing their pre-pandemic peak. We have also seen good progress with reservations for the 2022/23 academic year, which underpins further growth in income in the second half and into 2023," Unite says.
Looking ahead, it will aim to offset inflationary pressures through pricing. "Our business model has inflationary protection through annual repricing of our income and cost hedging but, like others, we are not immune from the impact of rising costs and interest rates," Unite cautions.
Current stock price: 1,120.00 pence, down 5.1% in London on Wednesday
12-month change: down 2.1%
By Lucy Heming; [email protected]
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