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Empiric Reports Jump in Profits for 2019

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

Empiric Student Property has reported an 11% increase in revenue for the period ending 31 December 2019 to £70.9 million, due to an increased number of beds as well as higher occupancy levels and rental growth.

Profit for the year jumped by 36% to £54.8 million, whilst the company's property portfolio was valued at £1,029 million, representing a like-for-like increase of 3.6%.

All sites are now being managed in-house, whilst like-for-like rental growth was recorded at around 3% for the 2018/19 academic year.

Empiric has a total of 95 assets (9,401 beds) under management with 356 bed delivered in 2019 averaging a profit on cost of 14%.

According to Empiric, bookings for the 2020/21 academic year are in line with last year and contingency plans are well advanced to deal with Covid-19.

Commenting on the results, Tim Attlee, Chief Executive Officer, said: "This is the second successive year of improved margins, dividend cover and total returns, financial indicators which reflect the continuing benefits of our business transformation."

"Positive customer satisfaction results and significantly improved colleague engagement scores demonstrate that the business transformation is benefitting customers and colleagues as well as shareholders."

"In 2020, we expect to build on the progress we have made in 2019, as we continue to drive revenue and reduce costs, creating a solid base for sustainable growth."