New chair for student accommodation group

Shares in student accommodation provider Empiric moved ahead yesterday after a positive half-year performance.

The group – which has a number of Scottish properties including Ayton House in St Andrews, which it acquired for £26 million in 2016 – saw its total portfolio value grow by 6% to £945.2m in the six months to June 30.

Revenue grew by 28% in the period to £31.3m, while net asset value per basic share was 1% ahead at 105.54p and earnings per share were 25% up at 3.6p.

“This has been a positive six months for the group and while there is more to do, we are confident that we are on track to deliver our target levels of performance for the full year and beyond,” said Stuart Beevor, Empiric’s acting non-executive chairman.

“Empiric has attractive assets in the right locations, giving us a portfolio that would be difficult to replicate. We also have a strong leadership team, with a clear plan for maximising the performance of those assets.

“As the operational transformation takes effect, and the financial results reflect that transformation, management is able to extend its focus to the further enhancement of NAV growth.

“This will be achieved through deploying the proceeds of the sale of noncore assets into development and forward funding projects in core locations.”

The group took the opportunity of its half-year results to announce the appointment from September 1 of Mark Pain as new permanent chairman. Lynne Fennah is chief operating officer and chief financial officer.

Ayton House, St Andrews.