NAV dips at Empiric as restructuring continues

Hahnemann Building Empiric

Empiric Student Property has posted a slight dip in net asset value (NAV) for the year to the end of 2017, but has boosted rental income and revenue.

Empiric, which ousted its chief executive in December due to the poor performance of the group, revealed NAV per share stood at 104.37p at 31 December, down from 105.9p at the end of 2016.

Meanwhile, rental income increased to £65.3m, from £52.1m, while revenue leapt from £19.2m at the end of 2016 to £51.2m. The group’s 94 assets were valued at £890.1m, from £721.3m last time, but pre-tax profit for the year fell by more than a third to £20.75m, from £31m at the end of 2016.

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