Empiric Student Property PLC on Thursday reported a surge in its annual profit and a double-digit rise in revenue, as it lifted its dividend by 10%.

The UK student accommodation operator said revenue rose by 30% to £73.0 million for 2022 from £56.0 million in 2021.

Occupancy for academic year 2022/23 was 99%, which was a ‘record for the business,’ it said.

Pretax profit increased to £67.7 million from £29.2 million a year earlier, as operating profit rose to £81.2 million from £39.9 million. EPRA earnings per share rose to 3.4 pence from 1.6p.

Chief Executive Officer Duncan Garrood said: ‘2022 has been another year of razor-sharp focus on our strategic priorities, with significant progress made across all key metrics. The steps we have taken over the last five years to transform the operations of the business, improve our brand and focus on clusters of high quality accommodation are delivering tangible results, evidenced by the record revenue occupancy, significant growth in earnings and improved operating margin that the business achieved in the year.’

Empiric declared a total dividend of 2.75 pence per share, up 10% from 2.5p a year prior.

Looking ahead, the company noted a positive outlook for academic year 2023/24, with revenue occupancy of 65% currently secured, ten weeks ahead of prior year. It targets revenue occupancy of more than 97% for the academic year.

Shares were up 2.9% at 86.60 pence each on Thursday around midday in London.

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