Business
3rd Quarter Results
3rd Quarter Results.
About this update from Workspace Group Plc
[{"type":"text","content":"\n Workspace Group PLC\n11 February 2008\n\nWorkspace Group PLC\n\n11 February 2008\n\n\n WORKSPACE DRIVES RENTAL GROWTH\n AS LONDON SME MARKET REMAINS RESILIENT\n\n\nWorkspace Group PLC ('Workspace') today announces its results for the nine\nmonths to 31 December 2007. Workspace provides 6.2 million sq. ft of flexible\nbusiness accommodation to small and medium size enterprises ('SMEs') across\nLondon.\n\n •Total rent roll up 3.3% in the quarter and 8.4% in first nine months\n\n •Overall occupancy maintained at 86%\n\n •Portfolio valuation down 4.8% to £1,002m in the quarter\n\n •Reversionary yield out 50 bps to 7.2%\n\n •Diluted net asset value per share down 8.7% to 313p in the quarter\n\n •Major refurbishment scheme at Canterbury Court, Kennington Park, SW9\n completed on schedule\n\n •Planning consents received at Thurston Road, Parmiter Industrial Estate,\n Linton House and Grand Union\n\n •Net cash from operations up 21% to £31.4m\n\n •Trading profits up 42% to £9.1m\n\n •Pre-tax loss of £33.0m after valuation reductions\n\n\nCommenting on the results, Harry Platt, Chief Executive, said,\n\n' The Group's trading performance demonstrates that the London SME market\nremains resilient. Our key performance indicators of rent roll and occupancy are\nshowing progress, reflecting the demand for space from SMEs across the Capital.\nEnquiry levels remain robust and are continuing to convert into lettings.\n\n' The strengths of the Workspace business model are showing through. The trading\nand valuation performance over the last nine months highlight the quality of our\nbusiness model, significantly out-performing the sector as a whole. The strong\noperating cashflows generated by the business and a sound capital base provide a\nplatform for both investment and dividend growth'.\n\n' Looking forward, we remain confident that the long-term outlook for Workspace\nis good. We are delivering rental growth and our portfolio offers many\nopportunities to add further value. We have every reason to expect our track\nrecord of out-performance through economic cycles to continue.'\n\n -ends-\n\n\nDate: 11 February 2008\n\n\nFor further information:\nWorkspace Group PLC cityPROFILE\nHarry Platt, Chief Executive Simon Courtenay\nGraham Clemett, Finance Director William Attwell\n020-7247-7614 020-7448-3244\ne-mail: info@...