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Just bought in here,looks good with the new investment and on the technical insight of the company. Let's hope it can push on from current value.
May be read here: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=WKP&ArticleCode=j1z4dt9h&ArticleHeadline=First_Quarter_Business_Update
This is flying!
Jumping on board after ex div date 6th July. Graham
Workspace: Last week, the firm – which rents out affordable office space in London to new and growing firms – unveiled healthy results and confirmed it is in talks to buy a London property for £158million. Analysts praised the 8 per cent rent growth reported by the firm over the last six months as well as its attractive 3 per cent dividend yield, which is way ahead of competitors.
FINAL RESULTS WORKSPACE GROUP PLC 40% INCREASE IN DIVIDEND Workspace Group PLC ("Workspace") publishes its Full Year Results for the year ended 31 March 2017 on 7 June 2017. The comments in this announcement refer to the period from 1 April 2016 to 31 March 2017 ("the period") unless otherwise stated. The Workspace Advantage, which offers highly designed and super connected space to businesses on flexible terms, has delivered: · Strong growth in net rental income up 6.9% to £79.2m, resulting in a 15.5% growth in adjusted trading profit after interest to £50.7m · Profit before tax of £88.8m, lower than 2016 due to a smaller uplift in the property valuation · EPRA net asset value per share of £9.53, up 3.3% · An increase in total rent roll of 14.5% to £89.5m from rental growth at like-for-like properties and a strong letting performance at recently completed projects · A 13.7% increase in like-for-like rent roll to £59.6m and a 12.9% increase in like-for-like rent per sq. ft. to £28.17 as core assets continue to perform strongly · An underlying increase of 2.1% in the property portfolio to £1,844m · A 40% increase in the total dividend to 21.07p reflecting strong financial results and confidence in the outlook for the business · Loan to value at 13% with undrawn facilities (including cash) of £123m Strategic progress and business update · Conclusion of the successful BlackRock Workspace Property Trust ("BWPT") in June 2016 · Planning consents achieved for one mixed-use redevelopment and four refurbishments, including one post the period end · Three residential redevelopments contracted for sale in October 2016 · 13-17 Fitzroy Street, Fitzrovia acquired in April 2017 for £98.5m · The Record Hall, a new flagship business centre in Holborn, opened in May 2017 · Uplands industrial estate sold for £50m in May 2017
WORKSPACE ANNOUNCES DISPOSAL OF UPLANDS BUSINESS PARK Workspace Group PLC (Workspace) is pleased to announce the simultaneous exchange and completion of contracts for the disposal of Uplands Business Park in Walthamstow, E17, for £50.0m. This 11 acre industrial estate totals 290,000 sq. ft. of net lettable space with an average rent per sq. ft. of £5.70. The property was sold at a premium of 75% (£21.5m) to the September 2016 valuation at a net initial yield of 3.1%. Jamie Hopkins, Chief Executive Officer of Workspace, commented, "The Uplands industrial estate is one of the last two remaining industrial properties in our like-for-like portfolio which had been earmarked for disposal or redevelopment. We have picked our time in the market and this sale, completed at a considerable premium, is a clear demonstration of our ability to drive value from our assets. The proceeds from the sale of Uplands will be reinvested into our active refurbishment pipeline or into acquisition opportunities to deliver superior returns for shareholders."
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As a long time holder I am now properly back in profit. What I cannot understand is why WKP dropped back so badly in 2016. Still perhaps that is behind us now.
I feel teased. I am a long term holder of Workspace whose ethos and leaders I fully approve. I also understand that I must be patient but am finding the wait one long tease.
Hello Courtier I think this is a strong share, company is sound, cash rich and stable All ratios look good from a financial point of view They did fall prey to the vagaries of Brexit (remember that?) and other world wide events However the model is great - buy and renovate within M25, appeal to sme's and occupy right next to the tube line 90.2% occupancy is high and stable Like you I am wishing for £10 or more and can see that happening with the strong straight positive trend line Good luck and happy prospecting!
Well here we are above 800 again. Several brokers suggest a continued growth but I think the heady heights of £10 are still many moons away.
WKP Workspace. Had my eye on this for a while. Now looking to breakout and into what I call a gap or as near damm it. Momentum behind the SP. http://content.screencast.com/users/thomaser/folders/Default/media/6e8b9bda-5e61-47e6-9000-1e728f043b83/wkp%201.jpg <b><u>Workspace Group share price information</b></u> Name Workspace Group Epic WKP Sector Real Estate Investment Trusts ISIN GB00B67G5X01 Activities Workspace Group plc is a leading provider of space to new and growing companies. It has a strong 25 year track record in providing tailored business premises to growing companies in London. It owns and manages c.100 properties in London providing 5.1 million square feet of space and is home to c. 4,000 businesses employing over 30,000 people. Latest share price (p) 734.5 Market cap (£m) 1,198.68 Shares in issue (m) 163.20 P/E ratio 3.06 Divs per share (p) 15.05 Dividend cover 4.00 Earning per share (p) 240.30 52-week high / low (p) 989.50 / 569.00 <b><u>Workspace Group broker view.</b></u> Date Broker Recommendation Price Old target price New target price Notes 23 Nov 16 JP Morgan Cazenove Overweight 734.50 950.00 900.00 Reiterates
I cannot believe my own lack of research. I have held WKP for many years and have only just realised the company is a REIT. (Real Estate Investment Trust). I only found out when investigating why another company I hold, Unite Group, is about to become a REIT also. I remain a loyal supporter of the company and its aims.
At least let us overtake £7 and stay there. I am lucky having bought ages ago and so am on excellent profits, but it is no fun watching such a sound company slide. I also thought the recent figures would give the share price a correction upwards but no... Surely a rents increase of nearly 7% and an Earnings per share improvement of over 15% should be enough? What are the markets afraid of? At this price Workspace must surely be a Buiy!
Good steady numbers from today's trading update. Still don't understand which this came off from 950 earlier this year - perhaps this reinforcement of the business model and a divvi increase will get the investors back in.
Sorry decline in this stock
Up 2.5% to £7.21. Just hope there is more to come, though I really don't understand the leap.
To be honest I never understood why it dropped from 870 to 570 so quickly, especially as no big investors announced downsizing. Today saw a huge number of small trades - I reckon someone had a programme trade working today, picking up small lots in order not to frighten the horses. Let's see if it continues! Other property stocks did well too so it could also be a generally improved sentiment for the sector.
Any thoughts on todays rise, especially after the long period of stagnation in the sp?
So how do you explain the fact that a) at the beginning of this year WKP was pushing a tenner and now it's 30 per cent lower and b) the current yield at these prices is still under 2 per cent. A dramatic fall and uninspiring yield make me worry somewhat.
There are two shares in my ISA that have been long term investments and which never give me a moments anxiety. They are Unite and Workspaqce (UTG and WKP). They both pay a low but increasing dividend but more importantly they both just keep adding to their share price. Unite has gone from £1.80 to £6.50 in five years. About 94p per year or about 60% increase in five years. Workspace from £2.30 to £6.73, about 88p per year giving an incredible 190% increase in 5 years. Both companies are well managed and I have no connection with either apart from holding shares in both for eight years.
Well it was looking very cheap and being talked up when we were pushing £10 before the Brexit nonsense, so back up towards that mark I'd imagine. My strategy is to build a very big holding here but as always you need to do your own research and make informed decisions!
Anyone got any ideas where this is heading after the results etc?
WKP shares rose over 8% today! The biggest daily increase for ages. I hope this means that the market is recognising the quality of this company and its management. While I know it will take time perhaps we are getting back on track.