Unite Group update doesn’t reassure markets

FTSE 250 student housing specialist Unite Group (LON:UTG) saw its share price decline by 10% to 846p (as of 15:35 GMT) despite the company announcing that the impact of university teaching suspensions on business has so far been minimal. Reservations for the next academic year are in line with the prior period and all buildings remain in operation.

The group has elected to reduce its summer programme to limit operating costs. Last year’s summer accounted for 3% of earnings.