News

Unite scales back to conserve cash

18 November 2008 09:13:00

Student accommodation provider Unite Group said it has not seen any signs of deteriorating trading in the second half of the year.

As at mid-November, reservations for 2009/2010 had been received for 44% of bed spaces. At the same stage of last year, the level of bookings was 33%. Occupancy for the current year is 99%.

The group is taking a cautious approach to its development commitments for delivery in 2010 and beyond in order to conserve and maintain headroom on its banking facilities. Project deliveries in 2010 will be scaled by around 50%.

The group continues to operate well within its debt covenants and has no major borrowing facilities due to expire before 2011.

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