Unite Group grows profits to £142.5m in ‘active and successful’ half-year

Bristol-headquartered student accommodation company The Unite Group plc is growing its multi-billion pound property portfolio with thousands of new units.

The firm has this morning (July 24) announced a pre-tax profit of £142.5m for the six months to June 30, up 70% against the £83.9m recorded for the first half of 2017.

The company’s portfolio is set for marked growth in the next three years. In 2017 Unite’s property network comprised 49,600 beds, but that figure will rise with the delivery of 6,500 beds by 2021.

Ahead of the 2018/19 academic year, Unite said it is on track to open 3,075 beds across seven new buildings.

Unite Students chief exec Richard Smith said: “The first half of 2018 has been another active and successful period for Unite.

“We have delivered further increases in our sustainable and recurring earnings and maintained strong cash flows.”

He continued: “The focus on our operating platform, property portfolio and University partnerships, supported by attractive market dynamics, continues to drive growth.

“We have expanded our University Partnership activity and further aligned our portfolio to the strongest Universities where student demand is at its highest. We are opening seven new properties over the summer and will be operating 52,000 beds for the 2018/19 academic year.”

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