Business
Preliminary Results
Preliminary Results.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \nRNS Number : 7703I Workspace Group PLC 04 June 2014 \n \n\n \n \n \n4 June 2014\n \nWORKSPACE GROUP PLC\nFINAL RESULTS\n \nWORKSPACE GROUP PLC\nDRIVING VALUE\n \nWorkspace Group PLC (\"Workspace\"), London's leading provider of space to new and growing companies, announces its results for the year ended 31 March 2014.\n \nHIGHLIGHTS\n \nFinancial Performance\n· Profit before tax up 230% to £252.5m (2013: £76.4m) \n· Adjusted trading profit after interest up 14.5% to £20.5m (2013: £17.9m)\n· EPRA net asset value per share up 43% to £4.96 (March 2013: £3.48)\n· Adjusted underlying earnings per share up 14% to 13.9p (2013: 12.2p)\n· Total dividend per share up 10% to 10.63p per share (2013: 9.67p), final dividend of 7.09p (2031: 6.45p)\n \nOperating Performance\n· Like-for-like rent roll up 8.5% in year to £47.4m (March 2013: £43.7m). Total rent roll up 10.6% to £58.3m (March 2013: £52.7m)\n· Like-for-like rent per sq.ft. up 8.5% to £15.28 (March 2013: £14.08)\n· Like-for-like occupancy stable at 90.0% (March 2013: 89.8%)\n \nProperty Valuation\n· Underlying property valuation up 27% (£228m) in year to £1,078m, with 14% (£132m) increase in second half \n· Total property return of 34.7% compared to 13.4% for IPD UK Property Index\n· Like-for-like initial yield of 6.4% (March 2013: 7.3%)\n· Like-for-like estimated rental values up 12.3% to £16.13 per sq.ft (March 2013: £14.36)\n· Includes £73m uplift in value from residential-led redevelopment schemes\n \nAsset Management Activity\n· &nb...