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Workspace secures 307 new lettings worth GBP8.5 million annually

11th Jul 2024 11:07

(Alliance News) - Workspace Group PLC on Thursday reported stable performance during the opening quarter as the company advances efforts to sell non-core assets.

The London-based owner and operator of flexible work space reported continued rental growth in the first quarter ending June 30, with the like-for-like rent roll up 1.2% to GBP111.8 million from GBP110.5 million the previous quarter.

Pricing improved with like-for-like rent per square foot increasing 1.2% to GBP46.28 from GBP45.72.

Occupancy remained stable over the quarter at 88.2%, while the company secured 307 new lettings with a rental value totalling GBP8.5 million annually.

Workspace said further progress was made to dispose non-core assets with GBP8.1 million exchanged for sale since March 31.

Chief Executive Officer Graham Clemett said: "We are progressing with the disposal of non-core assets, recycling capital to invest in accretive refurbishment projects across the portfolio.

"Looking ahead, our scalable operating platform puts us in a strong position to continue to deliver near and long-term income and dividend growth, and we move into the second quarter of the year with positive momentum."

The company most recently paid an interim dividend of 9.0 pence per share in February, and a final dividend of 17.4p per share in August.

Furthermore, net debt reduced by GBP27 million to GBP828 million, with cash and undrawn facilities of GBP172 million as at June 30.

Workspace shares were up 0.5% at 621.00 pence each in London on Thursday morning.

By Elijah Dale, Alliance News reporter

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