11th Nov 2015 08:31
LONDON (Alliance News) - Flexible office space provider Workspace Group PLC on Wednesday said its pretax profit dipped in the first half due to lower gains on the valuation of its properties, though its revenue rose
FTSE 250-listed Workspace said its pretax profit for the half to the end of September fell to GBP163.4 million from GBP173.7 million, primarily due to the valuation gain made on its portfolio edging down to GBP137.9 million from GBP143.5 million in the comparable period a year earlier.
Total revenue for Workspace rose to GBP49.3 million from GBP40.3 million, as net rental income for the group increased to GBP35.9 million from GBP27.9 million. Total rent roll increased 14% to GBP79.0 million from GBP69.4 million, with its like-for-like rent roll rising 8.8%.
Workspace bought four properties in the half for a total of GBP91.0 million and completed one refurbishment.
It has hiked its interim dividend to 4.86 pence per share, up fro 3.89 pence a year earlier.
"Workspace has delivered another strong financial and operational performance in the first half of the year, resulting in continued income and capital growth and unlocking further shareholder value. Our offer, which is based around high quality space, business grade technology and regular customer networking opportunities, remains compelling and we are seeing strong demand across London," said Jamie Hopkins, Workspace's chief executive.
Shares in Workspace were up 1.3% to 942.50p on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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