Workspace doubles pre-tax profits

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Workspace doubles pre-tax profits
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FTSE 250 office space provider Workspace (LON:WKP) reported that profits before tax for the year ended 31st March were £170.4 million, almost double those in the previous year. Net rental income grew by 21%, boosting trading profits to £60.7 million. The remainder of the overall rise in profits came from changes in property valuations.

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CEO Jamie Hopkins said the results showed there was strong demand for the right sort of office space in London and that the company was pursuing the right strategy. Management has recommended that the dividend be increased by 30% to 27.39p. Despite the positive results, the share price in Workspace was down by 5.06% and stood at 1,106p at 1300 BST.

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