Finance

Pandemic leads to Empiric swinging to a £24m loss

By 2021-03-17T08:34:00

Students

Source: Shutterstock/ Monkey Business Images

Empiric Student Property suffered a 16% fall in revenue and swung to a loss after the Covid-19 pandemic saw the group refund £6.5m rental payments, and suffer a fall in occupancy rates and the loss of summer lettings.

Revenue for the year to 31 December 2020 came in at £59.4m, compared to £70.9m in 2019, while the group produce a pre-tax loss of £24m, compared to a profit of £54.8m in the previous year.

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