Workspace Share News (WKP)

(Sharecast News) - Workspace said demand for its shared offices rose strongly and rent collection was solid as the economy started to reopen from the Covid-19 lockdown.


The London-focused flexible office group said monthly average enquiries fell to 910 in the fourth quarter from 1,128 a year earlier and lettings dropped to 111 from 117. Enquiries rose to 1,172 in March from 720 in January and lettings more than doubled to 150 from 71.

Workspace said momentum continued after the three months to the end of March into the current year as government restrictions were lifted. Utilisation of its business centres reached 20% of pre-Covid levels at the end of March and 30% a month later.

The company said it had collected 92% of rent due for the fourth quarter and 84% of rent for the first quarter of the current year - in line with previous quarters. It published the trading update before an investor presentation on its brand and marketing plans.

Graham Clemett, Workspace's chief executive, said: "It is great to see strong pick-up in new customer demand, confirming our attraction and relevance as the capital reopens for business. It is early days, but with increasing demand and a reduction in customers vacating, we are now seeing occupancy stabilise and anticipate a recovery in occupancy levels at our centres during the current financial year."

Shares of Workspace rose 2.1% to 858p at 08:24 BST. The company said it would publish annual results on 3 June.