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Unite Group Share chat (UTG.L)

Discussion in 'General Share Chat' started by Steamy, Aug 20, 2015.

  1. Steamy

    Steamy Co-Founder of BlueShare Staff Member Moderator

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    #ShortSellerAlert if your invested in UNITE GROUP $UTG.L 18/8/15 Citadel Europe opened a new short position of 0.65% of share capital
     
    westa2 likes this.
  2. westa2

    westa2 A Legendary Member

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    Anyone here or watching?

    Very positive results but down today so far
     
  3. Groucho

    Groucho Member

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    27 February 2019

    THE UNITE GROUP PLC

    ("Unite Students", "Unite", the "Group" or the "Company")


    RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018


    Richard Smith, Chief Executive of Unite Group, commented:

    "2018 was another successful year for Unite. We made good progress against all of our core objectives and continued to deliver sustainable growth in our recurring earnings and cash flows. Our strong results remain underpinned by our brand, our sector-leading operating platform, the quality of our portfolio, our deep and valuable University relationships and sector fundamentals. These qualities set us apart in a sector that remains undersupplied and, more than ever, has a need for accommodation that is delivered efficiently and with a focus on value for money.

    "We continue to work in partnership with and align our portfolio to the strongest Universities in the UK, where student demand is both sustainable and at its greatest with 90% of our portfolio located at these Universities. This strategy has led to a further improvement in the quality and security of our income, with 60% of beds underpinned by agreements, in line with our target. University partnerships, alongside our development pipeline, are key drivers of continued growth and forward visibility of our earnings.

    "Looking ahead, we maintain our positive outlook for the business. Reservations for the 2019/20 academic year are in line with record levels for this time of year, supporting our like-for-like rental growth guidance of 3.0-3.5%. Our secured development and University partnerships pipeline of 6,579 beds being delivered over the next four years will further improve operating efficiency and generate significant earnings growth.

    "Whilst the backdrop of the ongoing Brexit negotiations and the impending review into Higher Education funding provide some uncertainty, our strategy of aligning to the best Universities and providing good-quality, value-for-money accommodation for resilient segments of the market reinforces our long-term confidence in the business. This confidence is reflected in our 28% increase in the full-year dividend."

    3000FAD1-F0BE-46FD-87EF-908FB2B5EF05.jpeg


    Record level of reservations for 2019/20 academic year supports rental growth outlook

    · Reservations for 2019/20 academic year at 75% in line with record levels in 2017

    · Rental growth outlook for 2019/20 of 3.0-3.5% on a like-for-like basis

    Earnings growth underpinned by operating platform, nomination agreements and development and

    partnerships pipeline

    · Nomination agreements with Universities on 60% of beds (2017: 60%) with proportion benefitting from contractual uplifts up to 76% from 71%

    · New nominations secured on 50% of the 2018 openings (70% expected in 2019), including three new agreements with top 25-ranked Universities

    · Secured development and University partnerships pipeline of 6,579 beds for delivery over the next four years, generating an attractive 7.0%yield on cost

    · Together with rental growth, these new openings net of disposals could add 13p to 17p to earnings per share on completion of the pipeline

    · Leveraging operating platform to drive further efficiencies - 2018 targets delivered and set new EBIT margin target of 74% by end of 2021

    High-quality portfolio aligned to the strongest Universities where intake continues to grow

    · Significant progress with University partnerships - two deals secured in 2018, one deal secured since the year end and further pipeline emerging through 10 active discussions

    · Disposal of 3,436 beds for £180 million (£85 million Unite share) to support increased focus on high-quality Universities

    · 90% of Unite's portfolio located at high and mid-ranked Universities

    · Continue to see a number of attractive development and University partnership opportunities in line with our target returns and expect to add to the pipeline whilst maintaining financial discipline


    Strong financial position

    · LTV of 29% (2017: 31%), cost of debt reduced to 3.8% (2017: 4.1%)

    · Transition to unsecured borrowing structure following issuance of £275 million unsecured corporate bond, backed by investment-grade credit rating from Standard & Poor's and Moody's

    * The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). These financial highlights are based on the European Public Real Estate Association (EPRA) best practice recommendations and these performance measures are published as they are intended to help users in the comparability of these results across other listed real estate companies in Europe. The metrics are also used internally to measure and manage the business and to align to the performance related conditions for Directors' remuneration. See glossary for definitions.


    PRESENTATION

    There will be a presentation for analysts this morning at 08.15 at the Andaz London Liverpool Street. A live webcast will be available at: https://webcasts.unite-group.co.uk/results/2019-full-year. To register for the event or to receive dial-in details, please contact unite@powerscourt-group.com.



    CHAIRMAN'S STATEMENT

    The business has continued to make excellent progress in 2018, delivering across all of our key metrics. Our sector-leading brand and our positive reputation with customers and Universities, based around valued customer service, underpins this performance. The combination of our brand, relationships with high-quality Universities and property portfolio is difficult to replicate and is driving sustainable growth in our earnings.

    Financial performance has again been strong, with a total accounting return of 13% and growth in EPRA earnings, up 25% to £88.4 million. Profit before tax was £245.8 million, which includes property revaluations and the impact of disposals of £153.6 million (2017: £229.4 million and £169.2 millionrespectively). As a result of this performance, we are proposing a final dividend of 19.5p to deliver a total dividend of 29.0p for the full year, an increase of 28% year-on-year.

    Unite Students is a service brand and the strong performance we have delivered for our customers, University partners and shareholders is only possible because of the talent and hard work of our teams across the business. On behalf of the Board, I would like to thank them for another excellent year. Richard Simpson stepped down in May as our Group Property Director to take up the role of Chief Executive Officer of Watkin Jones plc. We have also taken the opportunity to appoint Richard Akers and Ilaria del Beato as additional Non-Executive Directors in September and December respectively.

    The recent success of the business is founded on a consistent strategy and we will continue to focus on delivering its main objectives: providing great services that our students and University partners value; delivering quality buildings designed around student needs; and generating high-quality recurring earnings and maintaining a strong capital structure.

    The outlook for our market remains positive, reflecting the strength of the world-renowned UK Higher Education sector, increasing participation rates, the internationalisation of Higher Education and the shortage of housing in the UK. Whilst the Higher Education Funding Review, together with the ongoing Brexit negotiations and political landscape in the UK, present a backdrop of some uncertainty; the Higher Education sector fundamentals, together with our high-quality portfolio, University relationships and market-leading operating platform, provide a resilient platform for continued growth.


    Unite Group PLC - Results for the year ended 31 December 2018 @UNITEGroup https://www.voxmarkets.co.uk/rns/announcement/cd964924-1216-485d-94fa-3c521477ad22
     
  4. Groucho

    Groucho Member

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  5. Groucho

    Groucho Member

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    PRESS RELEASE

    23 July 2019


    THE UNITE GROUP PLC

    ("Unite Students", "Unite", the "Group", or the "Company")

    HALF YEAR RESULTS FOR SIX MONTHS TO 30 JUNE 2019

    Richard Smith, Chief Executive of Unite Students, commented:

    "The first half of 2019 has been a transformative period for Unite. Our proposed £1.4 billion acquisition of Liberty Living will create a portfolio with a gross asset value of £7 billion, comprising approximately 75,000 beds across the UK, with some 1.5 million students requiring accommodation each year.

    "The Liberty Living business is complementary to our own, with a shared commitment to providing high-quality, affordable student accommodation and a portfolio strategically aligned with many high and mid-ranked Universities where student demand is strongest. The acquisition will utilise our best-in-class operating platform to accelerate and extend earnings and dividends growth.

    "We have delivered further growth in our sustainable earnings during the first half, supporting an 8% increase in our interim dividend. Our growth remains underpinned by our high-quality portfolio in the best locations, deep and long-standing relationships with Universities, our operating platform and positive market dynamics.

    "We maintain our positive outlook for the business with a record 92% of beds already reserved for the 2019/20 academic year. As such, we remain confident in a rental growth outlook of 3.0-3.5% for 2019/20 and 2020/21. Our development and University partnerships pipeline of 6,600 beds to be delivered over the next four years will further improve operating efficiency and generate significant earnings growth."

    568C492D-080F-4A65-AD67-82A581C20F05.jpeg

    HIGHLIGHTS

    EPRA Earnings up 16% to £61.2m (H1 2018: £52.9 million)

    · Increased dividend, up 8% to 10.25p, driven by growing earnings (H1 2018: 9.5p)

    · Profit before tax down 12% to £125.5 million (H1 2018: £142.5 million)

    · 6.3% total accounting return (H1 2018: 7.8%)

    Transformative acquisition of Liberty Living for £1.4 billion, utilising Unite's best-in-class operating platform

    · Two highly-complementary portfolios, comprising a combined c.75,000 beds

    · Liberty Living to be integrated onto PRISM platform, delivering £15 million p.a. of synergies from 2021

    · Materially earnings enhancing from 2020, supporting an EPS yield of approximately 6% by 2021

    · Maintaining 35% LTV target, reflecting disposal plan for £150-200 million p.a. over the next three years

    · Completion expected in early Q4 2019, subject to shareholder and CMA approval - continue to progress pre-notification

    High-quality income, portfolio and University relationships support rental growth

    · Reservations for 2019/20 academic year at record levels of 92% (2018: 91%)

    · Supports rental growth outlook for 2019/20 of 3.0-3.5%

    · Nomination agreements with Universities represent 60% of Unite's beds (2018: 60%), with a WAULT of six years (2018: six years) providing visibility over income and rental growth

    · New long-term nominations agreements with the University of Birmingham and Oxford Brookes University commencing from the 2019/20 academic year

    · Further progress with University partnerships - one deal secured so far in 2019 and a pipeline of 10 active discussions across a range of different models

    Over 6,500 beds in secured pipeline, driving future earnings growth

    · Secured pipeline of 6,580 beds (2018: 6,500 beds), generating a 7.0% yield on cost

    · 2,390 beds opening for the 2019/20 academic year with c.70% secured by nomination agreements

    · Resolution to grant planning permission for 913 bed Middlesex Street development in London

    · One London and three regional development sites currently under offer

    High-quality portfolio aligned to high-ranked Universities where intake continues to grow

    · 51,200 operational beds for 2019/20 academic year, with a value of £5.5 billion; Unite share £3.0 billion (30 June 2018: 49,900 beds, valued at £5.1 billion; Unite share £2.8 billion)

    · 90% of Unite's portfolio now locatedat high and mid-ranked Universities (30 June 2018: 88%)

    Strong financial position

    · £105 million of disposals to USAF agreed in H1 (Unite share: £79m)

    · LTV of 29% at 30 June** (31 December 2018: 29%), cost of debt at 3.8% (31 December 2018: 3.8%)

    · USAF raised £250 million in new equity in May 2019

    * The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). These financial highlights are based on the European Public Real Estate Association (EPRA) best practice recommendations and these performance measures are published as they are intended to help users in the comparability of these results across other listed real estate companies in Europe. The metrics are also used internally to measure and manage the business and to align to the performance related conditions for Directors' remuneration. See glossary for definitions.

    ** Excludes IFRS 16 related balances recognised in respect of leased properties, following the adoption of IFRS 16. See glossary for definitions.


    PRESENTATION

    There will be a presentation for analysts this morning at 08:30 at Numis Securities Limited, The London Stock Exchange Building, 10 Paternoster Square, LondonEC4M 7LT. A live webcast will be available at: www.unite-group.co.uk. To register for the event or to receive dial-in details, please contact unite@powerscourt-group.com.

    Unite Group PLC - Half-year Report @UNITEGroup https://www.voxmarkets.co.uk/rns/announcement/c9d31c18-08a3-4215-9679-23171ff13e74
     
  6. Groucho

    Groucho Member

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    26 February 2020


    THE UNITE GROUP PLC

    ("Unite Students", "Unite", the "Group", or the "Company")

    RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019

    Richard Smith, Chief Executive of Unite Students, commented:

    "2019 was a successful and transformational year for Unite. We made good progress against all of our key metrics and continued to deliver meaningful growth in our recurring earnings. We also leveraged our best-in-class operating platform to complete the acquisition of Liberty Living's 24,000-bed portfolio. Our strong results remain underpinned by the quality of our value-for-money product and the strength of our long-term relationships with Universities. These qualities differentiate Unite in a sector that remains undersupplied and is anticipating strong growth in student numbers over the next decade, as UK Higher Education maintains its global standing. A UK University education is highly valued by young people around the world.

    The outlook for the business remains strong. Reservations for the 2020/21 academic year are in line with record levels, supporting our like-for-like rental growth guidance of 3.0-3.5% through a combination of further utilisation enhancements and value-driven price increases. Together with our development and University partnership pipeline of over 5,000 beds, this provides high visibility over sustainable earnings growth and we maintain our positive outlook.

    While Brexit negotiations and the ongoing review of Higher Education funding provide some uncertainty, our strategy of aligning to the best Universities and providing good-quality, value-for-money accommodation for growing segments of the market underpins our long-term confidence in the business."

    DCD56E1F-7DAE-4ED1-85DC-705D0E71F4CC.jpeg

    HIGHLIGHTS

    EPRA EPS up 15% to 39.1p (2018: 34.1p)

    · Like-for-like rental growth of 3.4% and 98% occupancy (2018: 3.2% and 98%)

    · Full year dividend increased by 14% to 33.2p, driven by earnings growth (2018: 29.0p)

    · EPRA profit includes £4.6 million (1.6p) from partial recognition of the LSAV performance fee

    · Statutory loss before tax of £101.2 million, primarily the result of the impairment of goodwill and intangibles of £384.1 millionrelating to the Liberty Living acquisition (2018: profit of £245.8 million)

    · Total accounting return of 11.7% (2018: 13.2%)

    Transformative acquisition of Liberty Living for £1.4 billion, utilising Unite's best-in-class operating platform

    · Two highly complementary portfolios, creating a 74,000-bed portfolio across 27 cities

    · Progress on integration has increased 2020 cost synergies to £5-6 million, rising to £15 million in 2021

    · Immediately earnings accretive with further growth opportunities and operational enhancements

    Reservations support rental growth outlook

    · Reservations for 2020/21 at 73%, in line with record levels in 2018

    · Like-for-like rental growth outlook for 2020/21 of 3.0-3.5% through increases in utilisation and price

    Earnings growth underpinned by University relationships, operating platform and development pipeline

    · Nomination agreements with Universities covering 41,500 beds with an average WAULT of 6 years (2018: 29,000 and 6 years)

    · Secured development and University partnerships pipeline of £681 million for delivery over the next four years, generating an attractive 6.8% yield on cost

    · Together with rental growth and cost synergies, these new openings net of disposals could add 16-20p to earnings per share

    · Further opportunities to grow development pipeline, including zone 1 and 2 London sites

    Strong financial position

    · £298 million of disposals (Unite share £249 million), reflecting strong investor appetite

    · LTV increased to 37% (2018: 29%), following acquisition of Liberty Living

    · Maintaining 35% LTV target, reflecting disposal plan for £150-200 million per annum

    Improving performance and transparency on Sustainability

    · AA rating from MSCI and Most-Improved Award under EPRA's Sustainability BPRs

    · Sustainability report and new targets to be launched in 2020

    * The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). These financial highlights are based on the European Public Real Estate Association (EPRA) best practice recommendations and these performance measures are published as they are intended to help users in the comparability of these results across other listed real estate companies in Europe. The metrics are also used internally to measure and manage the business and to align to the performance related conditions for Directors' remuneration. See glossary for definitions.

    ** Excludes IFRS 16 related balances recognised in respect of leased properties, following the adoption of IFRS 16. See glossary for definitions.


    PRESENTATION

    There will be a presentation for analysts this morning at 09:30 at One Moorgate Place, London, EC2R 6EA. A live webcast will be available at: https://brrmedia.news/9qnfk. To register for the event or to receive dial-in details, please contact unite@powerscourt-group.com.

    Unite Group PLC - Final Results @UNITEGroup https://www.voxmarkets.co.uk/rns/announcement/9eeffdce-149a-46f9-a037-b9e739c778c0
     
  7. Groucho

    Groucho Member

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    16 March 2020

    THE UNITE GROUP PLC

    ('Unite Students', 'Unite', the 'Group', or the 'Company')


    CORONAVIRUS UPDATE


    The Company notes the statements by a number of UK universities in response to Coronavirus, confirming that some face-to-face teaching has been suspended in the weeks leading up to Easter. University campuses, libraries and halls of residence remain open.

    The safety and wellbeing of the students who live with us and our employees remains our top priority. The Company continues to operate all of its properties and has implemented advice from the World Health Organisation and Public Health England. We are in active dialogue with our university partners and will continue to provide our students with support and access to the most up-to-date information.

    There has been no noticeable impact to date on Unite's sales performance for the 2020/21 academic year. Reservations are currently 77% (77% at the same time last year) and sales to and enquiries from international students remain in line with prior years.

    We now plan to operate a reduced programme of summer business in 2020 given the risk of disruption to bookings. The removal of variable costs associated with our summer business will help to mitigate the impact on earnings, which we do not expect to be material. Summer business accounted for 3% of rental income in 2019.

    We will provide a further update in relation to Coronavirus as appropriate. The quarterly valuation update for USAF and LSAVis scheduled for 8 April.
     

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