- Student real estate fund GCP Student Living cut its dividend as profit fell sharply in the first half of the year, owing to operational challenges amid the pandemic.

For the six months ended 31 December 2020, pre-tax profit fell to £1.2 million from £9.8 million year-on-year as total rental income fell to £16.7 million from £24.6 million.

Shareholder return grew 16.9% year-on-year, driven by a recovery in the share price since the year end.

The dividend was cut to 0.50 pence per share from 3.1 pence per share.

'The remainder of the 2020/21 academic year will continue to present challenges for student mobility and the provision of in‑person teaching,' the company said.

'In the short term, Brexit is expected to result in a reduction to the number of students from the EU wishing to study in the UK. The longer term implications however remain uncertain.'

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