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Wednesday 24th August 2011
25 August 2011
The group, a developer and manager of student accommodation, reported an adjusted profit for the six-month period to 30 June this year of £4.6 million. This is compared to a loss of £4 million in 2010.
Total income from managed portfolio was £112.5 million, compared with £96 million for the same period last year.
Unite’s share of rental income was £48.8 million, up from £46.2 million last year.
However, as a percentage, Unite’s share of total income was 43 per cent, down from 48 per cent last year.
Unite also spent £14 million managing its portfolio, up from £12.4 million last year.
The resulting net operating income for Unite was £34.8 million this year, a slight rise from £33.8 million last year.
The value of the company’s portfolio grew by 2.1 per cent through rental growth. Rental growth for the year is expected to be between 3 per cent and 4 per cent.
There is a strong demand for the group’s properties for the 2011/12 academic year, with reservations as at 23 August at 89 per cent, compared to 87 per cent at the same time last year.
Mark Allan, chief executive of Unite Group, said the business has made good progress in 2011 against each of its strategic and operational objectives.
“Reservations for the forthcoming academic year are very strong,” he said. “And we are on track to deliver our target development pipeline of 4,000 beds in London over the next couple of years.
“As the shape of changes to university funding becomes clearer, we remain confident that we are positioned to deliver resilient performance and outperform the wider student accommodation sector as a result of our London focus, the high quality of our portfolio and university relationships and our established brand platform.”
The company has planning and funding secured for another 563 beds in London, taking the total number of beds to 1,904.
It is also in exclusive negotiations on sites that could deliver a further 1,200 beds in London. Meanwhile, a 47-bed development secured in Glasgow is in line with target returns, the statement said.
Other news for Thursday, 25 August 2011:
Serco profit boost defies 'headwinds'
Unite delivers strong half-year results
Carillion’s profit suffers in first six months
IOSH calls for care during refurbs
Lost in translation
Unite Group has turned a profit amid strong financial gains, according to its half-year results.
The group, a developer and manager of student accommodation, reported an adjusted profit for the six-month period to 30 June this year of £4.6 million. This is compared to a loss of £4 million in 2010.
Total income from managed portfolio was £112.5 million, compared with £96 million for the same period last year.
Unite’s share of rental income was £48.8 million, up from £46.2 million last year.
However, as a percentage, Unite’s share of total income was 43 per cent, down from 48 per cent last year.
Unite also spent £14 million managing its portfolio, up from £12.4 million last year.
The resulting net operating income for Unite was £34.8 million this year, a slight rise from £33.8 million last year.
The value of the company’s portfolio grew by 2.1 per cent through rental growth. Rental growth for the year is expected to be between 3 per cent and 4 per cent.
There is a strong demand for the group’s properties for the 2011/12 academic year, with reservations as at 23 August at 89 per cent, compared to 87 per cent at the same time last year.
Mark Allan, chief executive of Unite Group, said the business has made good progress in 2011 against each of its strategic and operational objectives.
“Reservations for the forthcoming academic year are very strong,” he said. “And we are on track to deliver our target development pipeline of 4,000 beds in London over the next couple of years.
“As the shape of changes to university funding becomes clearer, we remain confident that we are positioned to deliver resilient performance and outperform the wider student accommodation sector as a result of our London focus, the high quality of our portfolio and university relationships and our established brand platform.”
The company has planning and funding secured for another 563 beds in London, taking the total number of beds to 1,904.
It is also in exclusive negotiations on sites that could deliver a further 1,200 beds in London. Meanwhile, a 47-bed development secured in Glasgow is in line with target returns, the statement said.
Other news for Thursday, 25 August 2011:
Serco profit boost defies 'headwinds'
Unite delivers strong half-year results
Carillion’s profit suffers in first six months
IOSH calls for care during refurbs
Lost in translation