LETTINGS at student accommodation group Unite are described as “robust” in its latest trading statement covering July 1 to November 14, today.
It said average occupancy for 2012/13 stands at 96% and profit objectives are on track for the full year.
The group, which operates 10 halls of residence in Liverpool providing 3,335 rooms administered by a 50-strong workforce, said its development programme has been completed for the year, while it makes progress on its disposal target of between £100m and £150m of non-core assets.
Chief executive Mark Allan said: “Unite has continued to perform strongly in 2012 year to date, with our occupancy for the 2012/13 academic year at 96% and rental growth for the full year expected to be around 3%, despite disruption to the university admissions process this year.
“Our solid lettings performance and careful cost control means that we remain on track to continue growing recurring profits and cash flow in line with plan.
“Alongside this, the progress we have made with asset disposals, extending our joint venture relationship with GIC and various debt facilities mean that our balance sheet objectives are similarly on track.”
The group said university admissions for 2012/13 have fallen by about 55,000 due to various Government policy changes.
This is a 12% drop in admissions, but Unite said taking into account the growth of student numbers in recent years, it expects overall student numbers to be broadly static year-on-year.
