REG - Empiric Student Prop - Trading Update

Empiric Student PropertyAnnouncement

14/02/2019 07:05

RNS Number : 9516P
Empiric Student Property PLC
14 February 2019
 


14 February 2019
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
TRADING UPDATE
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of premium student accommodation across the UK, is pleased to provide the following update ahead of the publication of the Company's results for the year ended 31 December 2018, which are expected to be announced on 20 March 2019.
 
The Group continues to make good progress on delivering financial and operational improvements across the business.  For the year ended 31 December 2018, the Board expects the Group will deliver significant improvements in the following key financial metrics in line with previously announced management expectations: a gross margin above 61% (2017: 57%); administration costs below £10 million (2017: £13.5 million); and the dividend to be at least 60% (2017: 33%) covered by adjusted earnings.
 
The unaudited like-for-like property portfolio valuation increase between 31 December 2017 and 31 December 2018 is expected to be in excess of 4.5%. 
 
The Company remains on track to meet its aggregate dividend target of 5.0 pence per share for the year ended 31 December 2018, payable quarterly, of which 3.75 pence per share has been paid for the nine months ended 30 September 2018.
 
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 Board continues to be confident in the outlook for the business.
 
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:



Empiric Student Property plc


(via Maitland/AMO below)




Tim Attlee (Chief Executive Officer)








Lynne Fennah (Chief Financial & Operating Officer)


















Jefferies International Limited


Tel: 020 7029 8000




Gary Gould








Stuart Klein


















Maitland/AMO (Communications Adviser)


Tel: 020 7379 5151




James Benjamin


Email: empiric-maitland@maitland.co.uk



 
The Company's LEI is 213800FPF38IBPRFPU87.
 
Further information on Empiric can be found on the Company's website at www.empiric.co.uk.
 
Notes:
Empiric Student Property plc is a leading provider and operator of modern, direct-let, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in partnership with universities, (ii) offering a variety of second and third year purpose-built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.
 
The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.




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