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Unite Group falls to loss as it launches Covid-19 charter for returning students

The º£½ÇÊÓÆµ student accommodation provider said it was "confident" about the future of the higher education sector

(Image: Huddersfield Examiner)

The º£½ÇÊÓÆµ’s largest provider of student accommodation swung to a loss in the first half of 2020 but said it had “growing visibility” over its income for the next academic year.

Unite Group, which is headquartered in Bristol, made a loss before tax of £73.9m in the first half of the year - down from £125.5m profit in 2019.

The fall was driven by a valuation loss over the period of £138.4m, according to Unite.

EPRA earnings - an underlying measure preferred by the organisation - rose 22 per cent to £74.8m.

Unite, which allowed students to forgo summer rents, said it would be reinstating dividend payments following the start of the academic year if occupancy and income was in line with its expectations and a positive outlook for 2021/22.

Richard Smith, chief executive of Unite Students, said: "I am proud of the response of our business through this uniquely challenging period. Our focus has been on doing the right thing for all stakeholders.

"We were the first student accommodation provider to forgo summer term rents and one of the first to have Covid Secure status accredited by the British Safety Council.

"I believe our decisive actions have enhanced our reputation with universities, students and parents.”