Business
AGM and IMS
AGM and IMS.
About this update from Workspace Group Plc
[{"type":"text","content":"\n RNS Number : 9832P Workspace Group PLC 27 July 2010 \n \n\n27 July 2010 \nWORKSPACE GROUP PLC\nANNUAL GENERAL MEETING AND\nINTERIM MANAGEMENT STATEMENT\n \n \nWorkspace Group PLC (\"Workspace\"), London's flexible business space provider, is today announcing an Interim Management Statement covering the period from 1 April 2010 to the date of this announcement.\n \nHighlights for the quarter to 30 June 2010:\n \n· Like-for-like occupancy (88 properties) up 0.9% in the quarter to 84.9%\n \n· Total occupancy up 0.8% in the quarter to 82.7%.\n \n· Total cash rent roll up 1.0% (£0.5m) in the quarter to £51.2m.\n \n· Property valuation of £725m (March 2010: £717m), with underlying valuation up 0.9% in the quarter. \n \n· Refinancing of GE debt completed. \n \n\"We continue to work hard to improve occupancy, maintain rental values and generate added value from our extensive property portfolio across London. We are also making good progress on realising value from disposals.\n \nWe have completed the refinancing of the GE debt facility, broadening our lender base and increasing the maturity of our debt to over four years. This refinancing completes the immediate priorities we set ourselves last year.\n \nTrading is stable and we remain cautious on the economic outlook. Nevertheless we are well placed to create significant value when any sustained recovery in confidence develops, from both our existing properties and new opportunities where our asset management skills can be applied\"\n \nEnquiries and lettings \n \nWe are seeing good demand for space with some reduction in enquiries as churn levels have moderated. Pricing is stable with the cash rent per sq. ft at £11.26 compared to £11.22 at March 2010.\n \n \n\n\n\n\nAverage number per month : \n\n\nQuarter to June 2010 \n\n\nQuarter to March 2010 \n\n\nQuarter to December 2009\n\n\nQuarter to September 2009\n\n\nQuarter to June\n2009\n\n\n\n\nEnquiries per month\n\n\n908\n\n\n1,145\n\n\n1,019\n\n\n941\n\n\n931\n\n\n\n\nLettings per month\n\n\n87\n\n\n87\n\n\n108\n\n\n101\n\n\n105\n\n\n\n\n \nPortfolio performance\n \nOverall occupan...