4th Nov 2014 08:03
LONDON (Alliance News) - Unite Group PLC on Tuesday said it is performing well across all parts of its business, with a strong lettings performance for the new academic year, and said it expects to meet its earnings per share target on its net asset value early.
The FTSE 250-listed student accommodation company said it has 99% of rooms occupied for the 2014-15 academic year, a slight improvement on the 98% occupation for the previous year.
The group said it is on track to hit its like-for-like rental growth target of at least 3% for the full year.
It also expects to meet its target of 4.5% earnings per share yield on its net asset value in 2014, a year ahead of its initial forecasts.
The group also said the student number outlook is still positive, with the prospect of the student number cap being removed in the 2015-16 academic year.
"Unite Students continues to perform strongly in all areas. Demand for our accommodation remains very high, reflecting the appeal of our buildings and quality of service provided, resulting in 99% occupancy and strong like-for-like rental growth across the portfolio," said Unite Chief Executive Mark Allan.
"We also continue to make good progress growing our development pipeline, providing excellent visibility of the material future earnings growth potential of the business," Allan added.
Unite Group shares opened up 0.8% at 4.25.336 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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