Workspace posts surging half-year profit due to consistent rent demand

(Alliance News) - Workspace Group PLC's profit multiplied in the first half of its financial year, due to customer demand and a rapid Covid-19 recovery, it said on Tuesday.

The London-based flexible office space provider's pretax profit rose to GBP35.8 million in the six months that ended on September 30 from GBP3.4 million a year ago, while revenue rose to GBP82.3 million from GBP61.2 million.

Workspace declared an interim dividend of 8.4 pence per share, up 20% from 7 pence a year before.

Property valuation remained stable, increasing by 0.3% to GBP2.9 billion on September 30 from March 31.

"Despite the current economic challenges, we are well placed to deliver a strong trading performance for the full year. We have good momentum from the rental growth in the first half, and we are seeing resilient customer demand into the second half of the year," said Chief Executive Officer Graham Clemett.

Workspace cautioned that despite continued rent growth, its pricing remained below pre-Covid levels.

Shares in Workspace were up 0.3% to 483.20 pence on Tuesday morning in London.

By Greg Rosenvinge; gregrosenvinge@alliancenews.com

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