Business
Half Yearly Report
Half Yearly Report.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \nRNS Number : 7497S Workspace Group PLC 12 November 2013 \n \n\nWorkspace GROUP PLC\nHALF YEAR REPORT \n \nWorkspace Group PLC (\"Workspace\"), London's leading provider of space to new and growing companies, announces its results for the six months ended 30 September 2013.\n \nHighlights\nStrong Financial Performance\n· Profit before tax £100.8m for the half year (30 September 2012: £24.6m)\n· Adjusted trading profit after interest up 10% to £9.7m (30 September 2012: £8.8m)\n· Interim dividend per share increased by 10% to 3.54p (30 September 2012: 3.22p)\n \nContinued Momentum in Demand and Pricing\n· Like-for-like rent roll up 3.8% since 31 March 2013 at £45.9m \n· Like-for-like rent per sq. ft up 2.6% from 31 March 2013 to £14.37 \n· Like-for-like occupancy at 90.9% (31 March 2013: 89.9%) \n· Enquiries for space averaged 1,021 per month in the six months (31 March 2013: 1,037 per month)\n \nImproving Capital Values\n· Underlying property valuation up 12% (£96m) in the six months to £921m\n· Net initial yield stable at 6.8% (March 2013: 6.9%)\n· EPRA net asset value per share up by 16% since March 2013 to £4.04 (31 March 2013: £3.48)\n \nGood Progress on Asset Management Activity\n· Completed refurbishments performing well, with pricing ahead of our expectations\n· Mixed-use planning consents achieved at three properties for 1,340 residential units\n· Deal announced in October 2013 with Grosvenor for the sale of 800 unit residential redevelopment at the Biscuit Factory, SE16\n· Acquisition of Verulam House, WC1 in November 2013 for £18m, at capital value of £433 per sq.ft\n \nStrong and Flexible Financial Base\nSuccessful refinancing of all borrowing facilities on an unsecured basis, extending average maturity of debt to over seven years \n· Loan to value ratio of 35% (31 March 2013: 40%)\n· £86m of available facilities and cash\n \nCommenting on the results, Jamie Hopkins, Chief Executive Officer said:\n...