Empiric Student Property PLC TRADING UPDATE AND DIRECTOR AND MANAGEMENT CHANGES (6484T)
July 05 2018 - 1:00AM
UK Regulatory
TIDMESP
RNS Number : 6484T
Empiric Student Property PLC
05 July 2018
5 July 2018
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
TRADING UPDATE AND DIRECTOR AND MANAGEMENT CHANGES
The Board of Empiric Student Property plc (ticker: ESP) (the
"Board"), the owner and operator of student accommodation across
the UK, is pleased to provide the following update on trading ahead
of the Company's half year results for the six months ended 30 June
2018, which will be announced on Tuesday, 21 August 2018.
The Group continues to make good progress on delivering
financial and operational improvements across the business and
remains on track to meet its previously stated targets of:
-- Full occupancy for the 2018/19 academic year*.
-- Increasing the operating margin from 57% in FY 2017 to 70% over the next two years.
-- Reducing administration expenses to GBP10m pa in 2018, a reduction of 26% on FY 2017.
-- Improving dividend cover to approximately two thirds covered
by adjusted earnings in FY 2018 and fully covered in FY 2019.
Bookings for the 2018/19 academic year are continuing to
progress well and are currently at 76% compared to 63% at the same
time last year, and up from 57% as announced by the Company on 25
April 2018.
The programme of bringing all facilities management in-house in
stages by 1 April 2019 is on track, with 33% of the Group's
properties expected to be transferred in-house by 1 September 2018.
The management of all utilities has already been successfully
transferred in-house from 1 July 2018. The first significant cost
savings from this transfer in-house of facilties management are
expected in Q4 2018 as third party costs begin to fall away.
The Board announces that Lynne Fennah has been appointed to the
dual roles of Chief Operating Officer and Chief Financial Officer
with effect from 1st July 2018. Since December 2017, Lynne has led
and assumed responsibility for all day to day operating activities
of the Company and, in recognition of the continued positive
financial and operational progress of the Company, the Board has
formalised Lynne's responsibilities.
Tim Attlee remains Acting Chief Executive Officer and Chief
Investment Officer of the Company.
To help support and continue the Group's financial and
operational progress as well as the significant work to implement
successfully the programme of bringing in-house all facilities
management and support services, a new Group Financial Controller
and Head of Facilities Management were appointed in December 2017
and on 2 July 2018 respectively.
The Board is making good progress in its search for a new
non-executive Chairman and expects to make a further announcement
in the near term.
* In line with industry standards, student occupancy levels of
97% and above are considered as fully let.
For further information on the Company, please contact:
Empiric Student Property plc (via Newgate below)
Tim Attlee (Acting Chief Executive
Officer)
Lynne Fennah (Chief Financial & Operating
Officer)
Jefferies International Limited Tel: 020 7029 8000
Gary Gould
Stuart Klein
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: empiric@newgatecomms.com
Anna Geffert
Patrick Hanrahan
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(R) 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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