LONDON (dpa-AFX) - Unite Group Plc. (UTG.L), or Unite Students, reported Tuesday that its fiscal 2024 profit surged from last year, driven by higher rental income. Further, the company lifted its dividend
For the year, IFRS profit before tax was 444.0 million pounds, higher than last year's 102.5 million pounds. Earnings per share grew 291 percent to 96.1 pence from 24.6 pence a year ago.
Adjusted earnings were 213.8 million pounds, compared to 184.3 million pounds last year. Adjusted earnings per share were 46.6 pence, compared to prior year's 44.3 pence.
Total revenue grew to 299.3 million pounds from 276.1 million pounds in the previous year. Rental income was 282.0 million pounds, higher than 259.2 million pounds last year.
Further, Unite Students said it is proposing a final dividend payment of 24.9p per share, up from last year's 23.6p. The total dividend for the year would be 37.3p, a growth of 5 percent from last year.
The final dividend will be fully paid as a Property Income Distribution (PID) of 24.9p.
Subject to approval at Unite's Annual General Meeting on May 15, the dividend will be paid in either cash or new ordinary shares on May 30 to shareholders on the register at close of business on April 22.
Looking ahead, the company said, 'We continue to see strong demand from students and universities for our well located, value-for-money student accommodation. . We have seen strong demand from universities for the coming year, as they look to secure accommodation to meet student demand, resulting in nomination agreements for 57 percent of beds for 2025/26.'
International student demand is improving for 2025 after the disruption created by changes to visa policy in early 2024.
Across the entire property portfolio, 70 percent of rooms are now sold for the 2025/26 academic year, down from 79 percent last year, but in-line with expectations for a later sales cycle.
Unite Students said it remains on track to deliver 97-98 percent occupancy and rental growth of 4-5 percent for the 2025/26 academic year.
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