9th Nov 2016 07:53
LONDON (Alliance News) - Property company Workspace Group PLC hiked its interim dividend substantially, after reporting an increase in its trading profit and rental income over the first half of its financial year.
FTSE 250-listed Workspace reported pretax profit of GBP7.1 million for the six months to September 30, down from GBP163.4 million year on year. However, the company's adjusted trading profit increased to GBP23.6 million from GBP20.4 million.
Workspace's net rental income period for the six month period increased 6% year-on-year to GBP38.0 million from GBP35.9 million. The company's total rent roll was up 8.4% over the period to GBP84.8 million from GBP78.2 million in the six months to March 31.
The value of Workspace's property portfolio fell by 0.9% on an underlying basis, standing at GBP1.78 billion at September 30.
Workspace declared an interim dividend per share of 6.80 pence, increased from 4.86p in 2015.
"Workspace has delivered another half of good like-for-like rental growth as demand for our space remains strong. In addition, our completed refurbishments and redevelopments are attracting very strong customer demand, with overall rent roll at these properties increasing by 46% in the six months," said Jamie Hopkins, chief executive officer.
"The strong operating momentum, alongside our extensive pipeline of refurbishment and redevelopment projects, has given the board the confidence to propose a 40% increase to the interim dividend, very much reiterating our progressive dividend policy," added Hopkins.
By Adam Clark; [email protected]
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