Business
Half Year Results
Half Year Results.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6029S\n Workspace Group PLC\n 17 November 2021\n \n \n \n \n 17 November 2021\n \n \n \n \n \n WORKSPACE GROUP PLC\n \n \n HALF YEAR RESULTS\n \n \n \n \n \n POSITIVE CUSTOMER MOMENTUM AND FOCUS ON GROWTH \n \n \n OPPORTUNITIES AHEAD \n \n \n \n \n \n Workspace Group PLC (\"Workspace\"), London's leading provider of flexible office space, today announces its results for the half year to 30 September 2021. \n \n \n \n \n \n The results reflect a recovery in our trading performance and good momentum in customer activity. Our customers are returning to their offices and we're seeing strong new customer demand for flexible, well-located office space across London. \n \n \n \n \n \n Financial highlights: Trading profit recovery, strong balance sheet\n \n \n · \n Trading profit after interest† up 42.5% to £21.8m (30 September 2020: £15.3m) driven by 12.3% (£4.5m) increase in net rental income\n \n \n · \n Property valuation of £2,271m, a small underlying decrease of 0.7% (£15m) from 31 March 2021\n \n \n · \n Profit before tax of £3.4m (30 September 2020: £110.4m loss) \n \n \n · \n Interim dividend reinstated at 7.00p per share (30 September 2020: Nil)\n \n \n · \n EPRA net tangible assets per share down 1.1% to £9.28 from 31 March 2021\n \n \n · \n Loan to value of \n 23% (31 March 2021: 24%) with £318m of available cash and undrawn facilities\n \n \n Customer activity: Strong demand and improving customer utilisation\n \n \n · \n Strong customer demand with enquiries, viewings and lettings now at pre-Covid levels\n \n \n · \n Like-for-like rent roll up by 2.1% to £87.3m in the six months to 30 September 2021\n \n \n · \n Strong growth in like-for-like occupancy, up 3.7% to 85.6%, with rent per sq. ft. stabilising in the second quarter, up 0.3% to £35.50 after a 2.3% decline in the first quarter \n \n \n · \n Significant increase in customers returning to their offices, with utilisation of our centres reaching 60% of pre-Covid levels mid-week, and 55% over the week as a whole\n \n \n · \n High levels of rent collection, with 97% of rents due for the first half received as at 9 November 2021 \n \n \n Portfolio activity: Expanding our footprint through sustainable asset manageme...