Business
Final Results
Final Results.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 0543P\n Workspace Group PLC\n 05 June 2020\n \n \n \n \n 5 June 2020\n \n \n \n \n \n WORKSPACE GROUP PLC\n \n \n FULL YEAR RESULTS\n \n \n \n \n \n WELL POSITIONED TO NAVIGATE THE CHALLENGES AHEAD\n \n \n \n \n \n Workspace Group PLC (\"Workspace\") is pleased to announce its Full Year Results for the year\n \n \n ended 31 March 2020. The comments in this announcement refer to the period from 1 April 2019 to 31 March 2020 unless otherwise stated.\n \n \n \n \n \n Financial highlights \n \n \n ·\n Trading profit after interest† up 12% to £81.0m driven by a 10% increase in net rental income to £122.0m\n \n \n · \n Total dividend up 10% to 36.16p per share (2019: 32.87p), with a final dividend of 24.49p per share\n \n \n · \n Profit before tax at £72.5m (2019: £137.3m), with a small reduction in underlying property valuation of 0.3% (£8m) compared to a £61m increase in the prior year\n \n \n · \n EPRA net asset value per share up 0.3% to £10.89\n \n \n · \n Loan to value of 21% (2019: 22%) with £166m of undrawn facilities and cash\n \n \n Operating performance \n \n \n ·\n Strong customer demand with enquiries averaging 1,087 per month (2019: 1,048) and lettings averaging 121 per month (2019: 103)\n \n \n · \n Total rent roll up 4.2% to £132.8m\n \n \n · \n Like-for-like rent roll up 1.9% to £90.4m with occupancy up 2.6% to 93.1%, offset by 0.7% fall in rent per sq. ft. to £43.32 \n \n \n · \n Successful letting-up of new space adding £7.8m to rent roll \n \n \n Portfolio activity\n \n \n · \n Four property sales completed for £65m at a 21% premium to 31 March 2019 valuation\n \n \n · \n Four projects delivering 200,000 sq. ft. completed in first half and letting up well, with two new buildings comprising a further 94,000 sq. ft due to open shortly \n \n \n · \n A healthy pipeline of refurbishment and redevelopment activity, projected to deliver 1.1m sq. ft. of new and upgraded space over the next five years\n \n \n Covid-19 update\n \n \n · \n Significant slowdown in enquiries from the end of March 2020\n \n \n · \n Majority of customers (c.75% by rent) benefitting from 50% rent reduction offer until end of June 2020, as well as rent deferrals on a case by case basis\n \n \n · \n Overall cash collection (net of discounts and deferrals) running at c.70% in the quarter\n \n \n · \...