Trading Update and Notice of Full Year Results
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 £9.5 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:
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Empiric Student Property plc |
(via Maitland/AMO below) |
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Tim Attlee (Chief Executive Officer) |
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Lynne Fennah (Chief Financial & Operating Officer) |
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Jefferies International Limited |
Tel: 020 7029 8000 |
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Gary Gould |
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Stuart Klein |
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Maitland/AMO (Communications Adviser) |
Tel: 020 7379 5151 |
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James Benjamin |
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® 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.
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