(Alliance News) - Workspace Group PLC saw a rebound in the first quarter of its financial year, with the office-space provider saying on Thursday that customer demand is now running at pre-Covid levels.
Workspace Group shares rose 2.9% to 858.00 pence each in London on Thursday morning.
London-based Workspace Group recorded 947 enquiries per month in the quarter to June 30, almost doubled from last year's 506 per month, while lettings per month averaged 125, surging from 43.
Chief Executive Graham Clemett said: "Our first quarter performance reinforces our confidence that we have come through the worst of the pandemic and are now on a clear positive trajectory."
Like-for-like occupancy increased marginally, with occupancy sitting at 82.7% on June 30, up from 81.6% on March 31. Utilisation of its office centres had improved to 35% of pre-Covid levels by the end of June.
On the cash collection front, Workspace Group has collected 95% of rent due for the first quarter. Looking at the current quarter, 90% of rent due has been collected to date, which is "ahead of the level of rents collected at the same point in the previous quarter", the firm noted.
Clemett said: "Whilst we expect a degree of uncertainty to remain in the near-term, we are seeing strong signs that London's businesses are returning to work and are optimistic about the future.
"The high level of enquiries and lettings activity that we are seeing shows that our distinctive, flexible offering is resonating in the market. With the Government's 'work from home' guidance now lifted, we expect to see continued strong demand through the second quarter."
By Greg Roxburgh; gregroxburgh@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Workspace (WKP)