Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Unite Group lifts rental guidance after solid 2023
(Sharecast News) - Student accommodation provider Unite Group has delivered a confident outlook and upgraded guidance after seeing record adjusted earnings for 2023, though reported profits dropped by more than two thirds as a result of big losses related to changes in property valuations. Adjusted earnings were up 13% year-on-year at £184.3m, helped by 99.8% occupancy and 7.4% rental growth for the 2023/24 academic year. Adjusted earnings per share improved 8% to 44.3p.
The company declared a final dividend of 23.6p, bringing the total payout to 35.4p, up from 32.7p in 2022, representing a payout ratio of 80% of adjusted earnings.
Looking ahead to the next academic year, reservations currently stand at 80%, ahead of the typical leasing pace, while Unite said it now expects rental growth of "at least 6%", up from an earlier forecast of 5%. Unite also ended the year with a record £1.3bn development pipeline.
"This is a strong set of results, driven by full occupancy, rental growth and substantial investment into our platform and portfolio," said chief executive Joe Lister.
"Our pipeline of developments, asset management projects and our new university partnership present a substantial growth opportunity for the business."
However, IFRS profit before tax slumped by 71% to £102.5m in 2023, dragged lower by a £61.2m revaluation loss compared with a revaluation profit of £119.2m in 2022. The company also recorded a a £17.2m revaluation loss for interest rate swaps, compared with a £70.7m previously.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.