Unite (UTG), the student accommodation provider that completed the acquisition of rival Empiric last month, saw its shares slide 11% to 495p yesterday as annual results showed a further deterioration in bookings with 68% of rooms (excluding Empiric) sold for 2026/27 compared to 71% a year ago. Engagement with students had been positive in recent weeks but the company said that overall students were booking later in an competitive market increasingly focused on the strongest universities, where Unite is focusing its attention. In 2025 United great adjusted earnings by 9% to £232.3m with earnings per share up 2% to 47.5p to more than cover 37.7p of dividends, up 1% from the previous year. Net tangible assets fell 2% to 955p per share with net debts rising to six times earnings, up from 5.5 times.
Georgia Capital (CGEO) the £1.25bn investment company dedicated to the single emerging market in the Caucasus, increased net asset value (NAV) by 14% in local currency terms in the last quarter taking the total underlying return from its portfolio of public and private equity companies last year to 61.2%. Listed company performance was driven by Lion Finance Group, the former Bank of Georgia, which rose 21.6% in the fourth quarter and by 97.5% in 2025. The private companies in retail, insurance, and healthcare grew 11.3% in the year. The “outstanding” investment return was supported by a share buyback programme which has been extended by another $50m. In sterling terms, NAV per share rose 13.9% in the fourth quarter and by 56.4% in 2025.
Foresight Environmental Infrastructure (FGEN), the near 12%-yielder on a 36% share price discount, has declared a third quarterly dividend of 1.99p per share as it closes in on its full-year target of 7.96p for the year to 31 March with cash flow set to cover the distribution by 1.2 to 1.3 times despite energy generation coming in 1.6% under budget. The quarterly pay-out generated all the 1.8% total underlying return to shareholders in the three months to 31 December. Excluding the dividend, net asset value per share edged 0.1p lower to 104.6p with falls in power price forecasts, the government’s indexation change in incentive payments offsetting improved forecasts for battery storage revenues and the positive impact of inflation.
Riverstone Credit Opportunities Income (RCOI) is to return a further $10.8m of capital through a third compulsory partial redemption of shares, taking the total pay-out since it began a managed wind-down last year to $50.6m or 52% of net assets. Annual results for 2025 showed net asset value per share fell from 92 cents to 89 cents last year which saw the disposals of Max Midstream, Streamline and a partial realisation and restructure for Belfast shipbuilder Harland & Wolff.
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