Unite profit on student digs double

Published on 31/08/2012 00:00

Student accommodation provider Unite Group enjoyed a doubling in first-half profits as strong occupancy rates allowed it to edge its rental prices up.

The firm, which provides a home for about 4,700 students in Scotland across 15 properties in Aberdeen, Edinburgh and Glasgow, said it expected the positive momentum to continue for the foreseeable future, prompting brokers to say the firm could be at a turning point.

Recurring profits from its operations were £14.4 million in the six months to the end of June, compared to £7.2m for the same period last year. The group doubled its interim dividend to 1p a share.

This year, Unite is opening a 477-bed property in Glasgow’s West End as well as three more sites in London, which it described as its “key market”.