LONDON (dpa-AFX) - Unite Group Plc (UTG.L, UTGPF), a developer of student accommodation, Tuesday reported that its fiscal 2022 IFRS profit before tax increased 4 percent to 358.0 million pounds from 343.1 million pounds a year ago.
IFRS basic earnings per share were 88.9 pence, up 3 percent from 85.9 pence last year.
Adjusted earnings were 163.4 million pounds, compared to prior year's 110.1 million pounds. Adjusted earnings per share were 40.9 pence, compared to 27.6 pence last year.
Rental income increased 20 percent to 339.7 million pounds from 282.7 million pounds last year, benefited by higher occupancy, rental growth and the removal of pandemic-related restrictions and rental discounts.
Like-for-like rental income increased 23 percent during the year.
Net operating income grew to 241.0 million pounds from 191.8 million last year.
The company said it delivered a strong operational performance in 2022, with earnings and dividends surpassing their pre-pandemic level, driven by a return to full occupancy.
The company recorded 99 percent occupancy and 3.5 percent rental growth for the 2022/23 academic year.
Further, the Board is proposing a final dividend payment of 21.7 pence per share, up from last year's 15.6 pence. This makes 32.7 pence for the full year, a growth of 48 percent compared to 2021.
Looking ahead for the 2023/24 academic year, Unite now expects to deliver rental growth of 6 percent to 7 percent, higher than previously expected growth of at least 5 percent. The outlook revision reflects strong demand and the need to offset cost pressures in business.
The company expects to improve EBIT margin to 70 percent for 2023.
Unite also expects to deliver 5-8 percent growth in adjusted earnings per share in 2023 to 43 pence to 44 pence.
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