Business
Interim Results
Interim Results.
About this update from Workspace Group Plc
[{"type":"text","content":"\n RNS Number : 2469I Workspace Group PLC 17 November 2008 \n \n\nWORKSPACE ANNOUNCES HALF YEAR RESULTS \n\nWorkspace Group PLC ('Workspace') today announces its results for the half year ended 30 September 2008. Workspace provides over 6 million sq. ft of flexible business accommodation to over 4,500 small and medium size enterprises ('SMEs') in London. \n\n\n\nOccupancy maintained in the quarter at 84.1% overall and 87.6% on a like-for-like basis\n\n\nTotal rent roll £53.1m up 7.1% (£3.6m) on prior year and up 1.7% (£0.9m) in the quarter \n\n\nEnquiry levels strong\n\n\nGood growth in revenue over the six months up 8.0% (£2.6m) on prior year\n\n\nTrading profit before interest over the six months £19.6m (2007: £18.7m) after increase in empty rates charge of £0.7m\n\n\nContracts exchanged for the disposal of £29m of properties\n\n\nProperty valuation £870.9m, down 12.3% in the half year with diluted adjusted Net Asset Value £2.32 per share (March 2008: £3.11)\n\n\nUnderlying income yield now 6.5% with equivalent yield 8.0%\n\n\nTotal loss before tax for the six month period £128.5m (2007: Profit £19.9m)\n\n\nInterim dividend held at 1.52 pence per share\n\n\n\nCommenting on the results, Harry Platt, Chief Executive, said,\n\n' The underlying business is trading well. Occupancy and enquiry levels have been maintained as we continue to work closely with our existing customers. Meanwhile, we have cut costs in the business and are focused on cash generation.'\n\n' The reduction in the property valuation reflects the wider investment market, set against a backdrop of very few property transactions and the lack of liquidity in the market place.'\n\n' As interest rates fall, our London based portfolio should become increasingly attractive. We do generate a solid income from a diverse customer base in affordable space with low capital values and good long-term growth prospects, driven by continuing demand from SMEs in London. '\n\n-ends-\n\nDate: 17 November 2008 \nFor further information:\n\n\n\n\n\nWorkspace Group PLC\n\n\nCity Profile\n\n\n\n\nHarry Platt, Chief Executive\n\n\nSimon Courtenay\n\n\n\n\nGraham Clemett, Finance Director\n\n\nWilliam Attwell\n\n\n\n\n020-7247-7614 \n\n\n020-7448-3244\n\n...