Business
1st Quarter Results
1st Quarter Results.
About this update from Workspace Group Plc
[{"type":"text","content":"\n RNS Number : 0102B Workspace Group PLC 11 August 2008 \n \n\nWorkspace Group PLC Q1 Results 2008\n\n\nWorkspace Group PLC ('Workspace') today announces its results for the three months to 30th June 2008.\n\n\nOperating\n\n\n\nGood growth in revenue up 9.3% on prior year\n\n\n\n\n\nNet rental income £12.1m up 2.5% on prior year, adversely impacted by an increase in empty rates cost of £0.4m\n\n\n\n\n\nTotal rent roll £52.2m up 8.2% on prior year. Like-for-like rent roll flat in the quarter\n\n\n\n\nLike-for-like occupancy 87.4%. Overall occupancy 84.1%, down 1.7% in quarter and on prior year \n\n \n\nEnquiry levels remain strong\n\n\nValuation\n\n\n\nProperty valuation £954m, down 4.0% in the quarter\n\n\n\n\n\nTotal reversionary yield 8.1%, out 44bps in the quarter and 163bps over last year\n\n\n\n\n\nEquivalent yield 7.3% (6.9% at March 2008)\n\n\n\n\n\nEstimated rental value £77.3m, up 1.6% in the quarter\n\n\n\n\n\nInitial yield on like-for-like properties 6.0% (5.7% at March 2008) \n\n\n\n\n\nDiluted adjusted NAV per share 285p, down 8.4% in the quarter\n\n\n\nFinancial\n\n\n\nTrading profit before interest and share of joint venture profits/losses £9.5m (2007 : £9.4m)\n\n\n\n\n\nTrading profit £2.1m (2007: £2.7m)\n\n\n\n\n\nLoss before tax £45.0m after property valuation reduction\n\n\n\nNotes \n\n\nCore property portfolio comprises 107 estates, 93 like-for-like properties and 14 undergoing redevelopment/refurbishment or recently acquired.\n\nTrading profit represents net rental income less administrative expenses, interest costs and share of joint venture trading profits/losses.\n\n\n\nChairman's Statement\n\nThe UK economic outlook continues to be challenging. We are experienced in managing through difficult times and are taking action to maintain occupancy levels, improve rents and preserve operational cashflow. We are a highly customer focused operation which allows us to be in touch, alert and proactive to market changes and customer sentiment. \n\nProperty yields over which we have no control have continued to mo...