(Alliance News) - Workspace Group PLC on Thursday reported a pick up in new customer demand during the fourth quarter of its recently ended financial year, despite the UK's third national lockdown.
For the three months ended March 31, the London-based office space provider said average enquiries dropped 19% year-on-year to 910 from 1,128, while viewings fell 40% to 391 from 653 a year before.
However, as of March 31, enquiries had risen 62% to 1,172 from 720 at the end of January. Viewings increased 56% to 469 from 300, and lettings more than doubled to 150 from 71.
In addition, Workspace noted that customer utilisation of its business centres reached 20% of pre-Covid levels at the end of March, which increased further to 30% by the end of April.
Looking ahead, the group said this momentum has continued into the first quarter of the current financial year, and has to date collected 84% of rent due for the period.
"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," said Chief Executive Officer Graham Clemett.
Workspace will publish its annual results on June 3.
Shares in Workspace were up 3.1% at 866.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Workspace (WKP)