Empiric Student Property's full-year profit slips as NAV, portfolio value rises

Empiric Student Property has posted a rise in first-half portfolio valuation and net asset value per share as its profit for the year slipped.

Pre-tax profit for the period to 31 December 2016 was £16.9m, which was down from the profit of £28.1m of a year earlier.

The company noted a £14.5m rise in the fair value of investment property, against a gain of £21.7m in the same period a year earlier.

"The last six months has been a period of continuing growth," said The Rt Hon Baroness Dean of Thornton-le-Fylde, chairman of Empiric Student Property.

"We invested in or committed to a further 14 buildings with 1142 beds in eight towns and cities across the UK, of which 10 buildings were operational," the baroness said.

The number of revenue generating assets rose from 52 at 30 June 2016 to 75 at 31 December 2016.

"In addition, a key development was the approval by shareholders of a revised Investment Policy which enables us to grow our existing studio portfolio, as well as diversifying the range of student accommodation formats, catering for a wider group of students.

"These changes have facilitated the implementation of our 2025 Plan - our blueprint for the future growth of the Group."

Empiric Student Property's portfolio valuation at 31 December 2016 was £721.3m, which was up 37.7% from 30 June that year. Net asset value per share was 105.9p, up 0.5%.

At 14:18 GMT, shares in Empiric Student Property were up 0.46% to 110.25p each.