Unite boosts revenue 40% over the summer
StockMarketWire.com - Student accommodation developer Unite said it posted revenue growth of around 40% over the summer and remained confident in its rental income guidance.
The company said it still expected to post rental growth of 3.0%-to-3.5% in the 2020 and 2021 financial years.
Student intake in the 2020 financial year was expected to be in line with the record levels seen over the past few years.
Unite also said that it had achieved a strong lettings performance across its portfolio with 98% of bed spaces let.
It also noted the the Competition and Markets Authority had commenced an inquiry into it proposed £1.4bn acquisition of Liberty Living. 'Demand for UK higher E=education remains robust, as reflected in the record share of 18-year olds choosing to attend university,' chief executive Richard Smith said.
'Student demand also supports our strategic alignment to mid and higher tariff universities.'
'Despite increased political and economic uncertainty, we maintain our positive outlook for the business, reflecting the strength of our operational and letting performance and opportunities to drive further improvements in utilisation and efficiency while investing in further value-added services for our students.'
At 9:47am: (LON:UTG) Unite Group PLC share price was +7.5p at 1028.5p
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