3rd Jun 2015 06:37
LONDON (Alliance News) - FTSE 250-listed property company Workspace Group PLC on Wednesday said its pretax profit surged higher in the financial year to the end of March, as its rental income increased, occupancy improved and the underlying valuation of its portfolio jumped.
Workspace said its pretax profit for 2015 was GBP360 million, up 43% from the GBP252.5 million it posted a year earlier. Total net rental income in the year was up by 15% to GBP57.7 million from GBP50.3 million, and its total rent roll rose by 19% to GBP69.4 million, driven by an 18% like-for-like increase. Its occupancy also improved in the year to 92.2% from 91.4%.
The company's net asset value per share rose by 42% in the year to 703 pence from 496 pence, as the underlying valuation of its portfolio rose by 30% to GBP1.42 billion. The company acquired five properties over the course of the year, for a total cost of GBP80 million, and sold ten non-core industrial properties for GBP44 million.
Workspace said it opened two new and two refurbished business centres in the year, with both letting well, and has a further fourteen refurbishment and redevelopment projects underway.
The group said it will hike its final dividend payout by 15% to 8.15 pence per share, from 7.09 pence, meaning its total dividend is up 13% to 12.04 pence.
"Workspace has been extremely active across all parts of the business over the last twelve months and this is reflected in another exceptional year of both operational performance and financial results," said Chief Executive Jamie Hopkins.
In a separate statement on Wednesday, Workspace said it has struck a GBP34 million deal to acquire the Angel House property near the Old Street area of London. The net initial yield on the purchase is 3.7%, it said. The property is a former tobacco warehouse and is currently let to five customers.
By Sam Unsted; [email protected]; @SamUAtAlliance
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