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Empiric Student Property cuts dividend after swinging to loss in H1

By BFN News | 10:06 AM | Thursday 13 August, 2020


Student property investor Empiric Student Property halved its dividend after swinging to a loss in the first half of the year. For the six months ended 30 June 2020, the company reported a pre-tax loss of £14.4m, compared with a profit of £28.8m on-year as revenue fell 5% to £34m. The loss came as the company suffered a £42m hit from fall in the value of its property portfolio. The property portfolio was reduced by 2% as a result of CBRE's assumption around income uncertainty in the coming academic year as a result of COVID-19. The company cut its interim dividend by 50% to 1.25p. At 10:06am: (LON:ESP) Empiric Student Property Plc share price was +0.75p at 65.85p Story provided by StockMarketWire.com

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