Workspace sees 'good momentum' in third quarter

(Sharecast News) - Workspace Group reported "good momentum" in its third quarter on Thursday, with strong customer demand leading to enquiries averaging 1,001 per month, up from 907 year-on-year, and lettings reaching 113 per month, from 98.
The FTSE 250 company noted that one property was exchanged for sale in the quarter for £15.8m, which was a 3% premium to the September valuation.

It also launched its new 55,000 square foot business centre, Mare Street Studios in Hackney, with completion expected in March.

The firm's pro-forma loan-to-value stood at 21% as at 31 December, based on the September valuation, with cash and undrawn facilities totalling £157m.

"This was a very encouraging third quarter for the company," said chief executive officer Graham Clemett.

"Despite the uncertainty around the general election and the usual seasonal impact, enquiries and lettings were strong.

"Customer demand in the first few weeks of the new year suggest that increased political certainty following the election result has buoyed business confidence."

Clemett said the company's completed projects were letting up well with a "robust pipeline" of project activity.

"We continue to monitor acquisition opportunities while remaining disciplined in our return criteria.

"We look forward to delivering continued progress for the full year in line with expectations."

At 0915 GMT, shares in Workspace Group were up 0.7% at 1,152p.