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Annual Report 2022
HOME FOR SUCCESS
Home for Success means providing a home where students from the UK and all over the world can achieve their aspirations. It is also our commitment to be a valued partner to, and a workplace where our people can grow, belong and succeed.
OPERATIONAL HIGHLIGHTS
- Return to full occupancy in 2022/23, strong demand for 2023/24
- Best-in-class operating platform supports continued earnings growth in 2023
- Successful project deliveries in 2022, four committed developments for delivery in 2023–2026
- Shortage of quality student homes creates significant opportunities to grow our platform
- Rental growth more than offsetting the impact of rising property yields
- Sustainability strategy delivering a positive impact through People and Places
Our 2022 Annual Report
RESILIENCE AND FLEXIBILITY
“
The business has seen a strong recovery in performance in 2021. We are well positioned for growth due to our alignment to the strongest universities, an enhanced reputation thanks to our supportive actions during the pandemic, and our best-in-class operating platform.
– Richard Smith, Chief Executive Officer
OUR STRATEGIC OBJECTIVES
Delivering for our customers and universities
Delivering for our customers and universities
Strategic focus and objectives for 2023
- Delivering a best-in-class student experience
- Investment to enhance our physical estate
- Investment in our digital capabilities and technology platform
- Segmentation of our product and service
- Build great frontline leaders and teams, attracting the right talent, fully trained and engaged
- Deliver an enhanced digital experience through continued investment in our technology platforms
- Deliver Morriss House development in Nottingham for the 2023/24 academic year
Progress in 2022
- Moved to new operating model with 24/7 on property staffing
- Further improved student support developing a Higher Education-aligned framework
- Launched digital check-out, customer notifications, MyPerks and student welfare self service via our app
- Opened two new properties, Campbell House and Hayloft Point, and fully refurbished three properties in Manchester
- Delivered enhancements in our Service and Emergency Contact Centre availability for students and guarantors
Attractive returns for shareholders
Attractive returns for shareholders
Strategic focus and objectives for 2023
- Sustainable growth in earnings
- Delivery of attractive total accounting returns
- Increasing portfolio alignment to the strongest universities
- Sourcing new growth opportunities through development and university partnerships
- Disciplined capital management with new capital to pursue growth opportunities
- Deliver new funding to support the Group’s growth activities
- Improve returns on uncommitted schemes in the development pipeline
- Identify new investment opportunities through development and university partnerships
- Review investment activity into the estate and identify opportunities for accretive refurbishments
Progress in 2022
- Achieved 99% occupancy and 3.5% rental growth
for the 2022/23 academic year - EBIT margin increased to 67.9%
- Delivered 1,489 new beds through development completions and refurbishments
- Secured planning approval for our Jubilee House development in Stratford
- £339 million (Unite share: £256 million) of disposals, increasing portfolio quality
Creating a responsible and resilient business
Creating a responsible and resilient business
Strategic focus and objectives for 2023
- Becoming net zero carbon across our operations and developments by 2030
- Ensuring compliance with future EPC regulations
- Supporting wider access to Higher Education through the Unite Foundation and the Leapskills programme
- Providing opportunities for people to develop and grow
- Increasing the diversity in our leadership teams
- Maintaining our proactive approach to fire safety
- Enhance the Group’s reputation with key stakeholders
- Deliver lasting improvements in environmental performance through capital projects and student engagement
- Increase engagement and ownership by employees around sustainability objectives
- Continue to progress fire safety improvement projects
Progress in 2022
- Delivered energy-efficient capital projects representing over £13 million in total investment
- Increased the proportion of buildings achieving A-C EPC ratings from 57% to 80%
- Created the Academy to give tailored learning experiences for all our employees
- Launched our Diversity, Equity, Inclusion, Belonging and Wellbeing strategy
- Introduction of enhanced family leave policies
- Increasing diversity within our leadership team
- Completed fire safety works for the replacement of HPL cladding on 6 high-rise properties
A STRONG PERFORMANCE
“
The business has had a strong 2022 performance, built on our best-in-class operating platform and affordable and well located portfolio, but ultimately delivered through the hard work and commitment of our people serving our customers. This has helped deliver the strong recovery in our operational performance with 99% occupancy and our financial performance, with earnings and dividends above their pre-pandemic peak.
– Richard Huntingford, Chair
SUSTAINABILITY REPORTING
Making a positive impact through People and Places
People
Everyone is unique. Everyone is important. Everyone deserves to be safe, respected and included, and to be their best selves. At Unite, we strive to make that happen whether you stay with us or work with us.
Places
We want to create places that deliver a positive impact on our people, our communities and the planet. We’re aiming for net zero carbon buildings, finding ways to use fewer resources, and helping build strong communities in and around our properties.
Reporting and governance
Our goal is to lead on sustainability and raise standards in the living sector. Our governance and processes ensure that working responsibly and sustainably isn’t optional, that we always operate with integrity and transparency.