Overview
- Portfolio occupancy for 2025/26 stands at 95.2% versus 97.5% a year ago, with vacancies concentrated in Leicester, Nottingham and Sheffield; adjusted earnings rose 9% to £232.3m as statutory profit fell 78% on valuation declines.
- Reservations for next academic year are about 68%, roughly three percentage points behind last year, which management attributes mainly to reduced university nominations, while direct-let bookings run slightly ahead after pricing and tenancy adjustments.
- Guidance points to the lower end of prior ranges for 2026 at about 93%–96% occupancy and 2%–3% rental growth, implying roughly 0%–2% like-for-like income growth and adjusted EPS of 41.5p–43p.
- The January acquisition of Empiric added roughly 7,700 beds but is underperforming at about 89% occupancy; Unite lifted annual synergy targets to £17m with around £9m expected in 2026 and said Empiric will trim 2026 EPS by about 1–1.5p.
- Unite launched a £100m share buyback, maintained a 24.9p final dividend (37.7p for the year), sold the 571-bed St Pancras Way asset for £186m, targeted £300m–£400m of further disposals, and moved on costs including about a 20% head office reduction plus identified efficiencies and tech savings, as shares fell roughly 9%–11% on the update.