Empiric Student Property PLC Trading Update and Notice of Full Year Results (2211B)
January 29 2020 - 2:00AM
UK Regulatory
TIDMESP
RNS Number : 2211B
Empiric Student Property PLC
29 January 2020
29 January 2020
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
TRADING UPDATE & NOTICE OF FULL YEAR RESULTS
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 on
trading ahead of the publication of the Company's full year results
for the year ended 31 December 2019, which will be announced on
Wednesday, 18 March 2020.
A Company presentation of the full year results will be held for
analysts and investors at 9.00am on Wednesday, 18 March 2020 at the
offices of Gowling WLG, 4 More London Riverside, London, SE1 2AU.
The presentation will also be accessible via a live conference call
and webcast and on-demand later in the day via the Company website:
https://www.empiric.co.uk/investor-information/company-documents.
Those wishing to attend the presentation or access the live
conference call and/or webcast are kindly asked to contact
Maitland/AMO at empiric-maitland@maitland.co.uk or by telephone on
+44 (0) 20 7379 5151.
Highlights
-- Full year 2019 performance is in line with previously
announced guidance, with the business expected to achieve a gross
margin of around 67% and dividend cover in excess of 85%.
Administration costs are expected to be around GBP9.5 million.
-- The Company remains on track to meet its aggregate dividend
target of 5.0 pence per share for the year ended 31 December 2019,
payable quarterly, of which 3.75 pence per share has been paid for
the nine months ended 30 September 2019.
-- Improvements are continuing to be made across the business,
which are expected to strengthen further the financial and
operational performance of the Group in 2020 and over the
longer-term, delivering sustainable benefits to the Company's
customers and shareholders.
-- For the year ending 31 December 2020, the Board expects
administration costs to remain broadly flat and anticipates
delivering an enhanced gross margin and achieving a further
improvement in dividend cover to around 95% based on the current
portfolio.
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(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
TSTBCGDBUBDDGGI
(END) Dow Jones Newswires
January 29, 2020 02:00 ET (07:00 GMT)
Empiric Student Property (LSE:ESP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Empiric Student Property (LSE:ESP)
Historical Stock Chart
From Jul 2023 to Jul 2024