Workspace shares climb on rising rent income

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Workspace shares climb on rising rent income
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Workspace Group (LON:WKP), the FTSE 250 office space provider, said net rental income for the six months ended 30th September was 17% higher than last year, with adjusted trading profits up by 20%. Despite improved trading, reported pre-tax profits dropped by 17% due to changes in property valuations.

Chief executive Jamie Hopkins commented: “We have been extremely active across our portfolio during the first half of the year and I am encouraged by the good like-for-like performance, alongside delivery of our project pipeline and the acquisition and integration of some exciting new properties.

“The new and upgraded business centres that we have launched over the last six months are already letting up well and, with a healthy pipeline of further refurbishment and redevelopment projects underway, we are confident that our product is meeting the ongoing customer demand for high quality space.

“Despite the uncertain political and economic environment, we believe that we have the right strategy – owning and actively managing our assets alongside building direct relationships with customers – and a strong balance sheet to take advantage of opportunities and deliver value for shareholders. The 20% increase in the interim dividend we’ve announced today is a reflection of the strong growth in trading profit and our outlook for the future“.

Workspace’s share price rose by 2.18% to 985.50p (as of 13:15 GMT).

 

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