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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Revaluation losses sent student accommodation specialist Unite Group into the red in the first half of 2008.

The company reported a loss before tax of £20.1m versus a first half profit last year of £27.1m.

Performance was hit by a £5.8m loss on disposal of assets and a £31.4m swing from an unrealised gain of £22.8m on assets last year to an unrealised loss of £8.6m this year.

Adjusted fully diluted net asset value per share dipped 2.9% to 398p from 410p at the end of 2007.

Reservations for the next academic year, due to start next month, stand at 95% of available rooms, versus a fill-rate of 92% achieved in the academic year just ended.

“The current difficulties in the UK economy are likely to persist well into 2009 and, as a result, our priority will continue to be on managing the group's roll-out plan prudently, conserving cash and borrowing capacity appropriately and maintaining our focus on London and other high quality student locations in terms of development activity,” said Mark Allan, the company’s chief executive.

The interim dividend has been maintained at 0.83p.

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