15th Nov 2022 10:23
(Alliance News) - Workspace Group PLC on Tuesday posted an annual surge in pretax profit in the six months ending September 30, citing customer demand and a rapid Covid-19 recovery as reasons for its performance.
The London-based office space provider said pretax profit rose to GBP35.8 million from GBP3.4 million a year ago, while revenue grew 34% to GBP82.3 million from GBP61.2 million.
It also declared an interim dividend of 8.4 pence per share, up 20% from 7.0 pence a year prior.
Property valuation remained stable, noting an underlying increase of 0.3% to GBP2.86 billion 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 added despite continued rent growth, its pricing remained below pre-Covid levels.
Shares in Workspace rose by 0.3% to 483.20 pence on Tuesday morning in London.
By Greg Rosenvinge; [email protected]
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