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Empiric Posts £24m Loss

Posted by Richard Ward

Image courtesy of Flickr, (View licence)

In its latest financial report, Empiric has reported a decline in revenue of 16% year-on-year and a gross profit margin of 61.9% (2019: 67.1%).

The company reported a pre-tax loss of £24m, compared to a profit of £55m reported in the previous year.

For the 2020-21 cycle, Empiric has recorded revenue occupancy of 65%, whilst the equivalent figure for 2021-22 stands at just 20%.

Despite the loss, the company remains upbeat. Duncan Garrood, chief executive of Empiric, said: "The group has remained resilient and is well placed to benefit from opportunities when the market recovers, and our underlying business outlook is positive with customer demand set to grow. Our Hello Student brand proposition, especially in a Covid-19 affected world, gives us a competitive advantage with predominately self-contained studio apartments, and a friendly supportive service focused on student well-being. There is still more to be done to maximise the benefits of our operating model and we remain intensely focused on delivering further value for all our stakeholders."

The company also highlighted opportunities for growth, as it looks to increase its market share of students from countries such as India.