Business
Half-year Report
Half-year Report.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9029E\n Workspace Group PLC\n 11 November 2020\n \n \n \n \n 11 November 2020\n \n \n \n \n \n WORKSPACE GROUP PLC\n \n \n HALF YEAR RESULTS\n \n \n \n \n \n RESILIENT OPERATING PERFORMANCE, \n \n \n REINFORCING STRENGTH OF OUR OPPORTUNITY\n \n \n \n \n \n Workspace Group PLC (\"Workspace\") today announces its half year results for the period to 30 September 2020. \n \n \n \n \n \n Despite a challenging operating environment due to Covid-19, the half year results reflect the resilience of the business, underpinned by its flexible customer-focused offering and freehold ownership model. Workspace is uniquely placed to meet the fast-changing needs of London's brightest businesses as they emerge from the pandemic.\n \n \n \n \n \n Financial highlights: Resilience in the face of near-term impact of Covid-19 \n \n \n · \n Trading profit after interest† of £15.3m (2019: £40.1m) after £19.9m of rent discounts given to customers \n \n \n · \n Property valuation of £2,450m, an underlying reduction of £126m (4.9%) from 31 March 2020\n \n \n · \n Loss before tax of £110.4m (30 September 2019: £99.1m profit), reflecting a fall in the property valuation\n \n \n · \n In light of the current pandemic and the recent return to lockdown, the Board has decided to defer a decision on dividend payment until the full year\n \n \n · \n Loan to value of 23% (31 March 2020: 21%) with £127m of available cash and undrawn facilities\n \n \n · \n EPRA net tangible assets per share of £10.05, down 7.6% from 31 March 2020\n \n \n Customer activity: Near-term challenges but positive signs of recovery under eased restrictions in Q2\n \n \n · \n Increase in customers vacating and downsizing due to Covid-19 \n \n \n · \n Like-for-like occupancy declined by 7.8% to 85.5%; rent per sq. ft. reduced by 3.3% to £40.61; like-for-like rent roll down 11.6% to £98.8m\n \n \n · \n Strong levels of rent collection, with 95% of rents due for the first half (net of discounts and deferrals) received as at 2 November 2020 \n \n \n · \n Significant improvement in new customer demand under eased restrictions, reaching near pre-Covid levels in September \n \n \n · \n Steadily increased customer uti...