10th May 2006 09:49
Unite Group PLC10 May 2006 Date: 10 May 2006On behalf of: The UNITE Group plcFor immediate Release The UNITE Group plcChairman's AGM Statement First Quarter Highlights • First quarter performance was in line with the Board's expectations. • Reservations for forthcoming academic year at 70% to the current date. The UNITE Group plc, the UK's number one student hospitality company, is holdingits Annual General Meeting today at 9.30 am, The Core, 40 St. Thomas Street,Bristol, BS1 6JZ. Geoffrey Maddrell, UNITE's Chairman, will make the following comments toshareholders: "The Group's performance in the first quarter was in line with the Board'sexpectations. Reservations performance across UNITE's portfolio is again strong. As at 4 May2006, reservations for the forthcoming academic year had been received for 70%of the portfolio (2005:70%). The portfolio itself will be 14% larger for the2006/07 academic year at 35,005 bed spaces (2005/06: 30,729) Development progress is on track in respect of the 4,276 beds being deliveredfor occupation in the 2006/07 academic year and acquisition activity for 2007and 2008 bed deliveries continues in line with plan. The Board is confident that UNITE will continue to make good progress againstits strategy to deliver shareholder value through sustainable growth in itsportfolio and build upon its position as the UK's number one student hospitalitycompany." Enquiries: The UNITE Group plcNicholas Porter, Chief Executive Officer Tel: 020 7902 5055Mark Allan, Chief Financial Officer Redleaf Communications LtdJanakie Mallawa-Arachi / Andrew Dunn Tel: 020 7955 1410 Notes to Editors About UNITE UNITE is the UK's number one student hospitality company. Led by strong valuesat its heart, UNITE delivers the real student experience. It helps to regeneratecities as part of the community and it contributes to improving the country'shousing. The Group focuses on the provision and management of high quality, well-locatedstudent accommodation and hospitality services at affordable prices in stronghigher education markets. UNITE undertakes the planning work, development andmanagement of sites, often working closely with Higher Education Institutions todeliver accommodation for university students of all ages and nationalities. UNITE has pioneered the establishment of student accommodation as an asset classwithin the Real Estate sector. Since the listing of UNITE on the London StockExchange in 1999 the company has grown significantly and now operates 30,729completed and managed bed spaces in the portfolio. As at 31 December 2005, thebuilt-out portfolio was valued at £1.4 billion. UNITE is a constituent of theFTSE-250 group of companies and has a current market capitalisation ofapproximately £536 million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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