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14 Feb 2019 | 10:42

Empiric Student Property expects portfolio value to rise more than 4.5% amid good progress on objectives

Empiric Student Property said Thursday its property portfolio was expected to rise by more than 4.5% for the full year, following 'good progress' on financial improvements. For the year ended 31 December 2018, the company expected to deliver significant improvements on key financial metrics in line with previously announced management expectations. Gross margin was expected to come in above 61%, up from 57% in 2017; administration costs below £10m, down from £13.5m a year earlier; with a dividend of at least 60% covered by adjusted earnings, up from 33%. 'The programme of bringing all facilities management in-house in stages by 1 April 2019 remains on track and bookings for the 2019/20 academic year are progressing in line with expectations,' the company said.

At 10:42am: (LON:ESP) Empiric Student Property Plc share price was +0.4p at 98.5p

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