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20 Aug 2019 | 09:21

Empiric Student Property profits up 33% on improved occupancy

Empiric Student Property said profits increased by a third in the first half of the year efforts to enhance sales capabilities and attract short-term lets resulted in occupancy of 97% for the 2018/19 academic year. For the six months ended 30 June 2019, pre-tax profit rose 33% to £28.8m and revenue increased 14% to £35.7m. The company said it had secured bookings of 85% for the 2019/20 academic year as at 19 August. 'We have made good progress over the last six months and have delivered the most significant part of our operational transformation, from being a real estate owner to a fully integrated operational business with customer service at its heart,' the company said. 'We continue to develop a dynamic and well-targeted digital marketing platform, and bookings for the 2019/20 academic year are progressing well. We are continuing to improve our financial and operational performance, which remains in line with market guidance, and we are confident in the outlook for our business.'

At 9:21am: (LON:ESP) Empiric Student Property Plc share price was +1.55p at 92.05p

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