28th Jul 2009 11:33
Workspace Group PLC (the 'Company')
Annual General Meeting Statement
The Chairman made the following statement at today's annual general meeting of the Company held at 11 a.m. at Magenta House, 85 Whitechapel Road, London E1 1DU.
'Your Company is performing in line with our expectations at June. Enquiries and occupancy, which are two of our key performance indicators, are holding up well. We are encouraged that demand for our space remains stable.
The immediate income yield on our core property portfolio, excluding development and refurbishment properties, is 8.5%. This is based on current passing rent and although softer than at the start of the year, we have some useful contracted increases in the pipeline.
Our balance sheet remains sound and we are pleased to note the rate of decline in property values has begun to slow. Our properties now have a capital value of £127 psf which is below the replacement cost.
Looking to the future, the business environment is expected to remain challenging. Workspace is, we believe well positioned. Our focus for the near term will be to continue to manage churn, to maintain or improve occupancy and, as a result, to maintain cash flow. "
Date: 28 July 2009
For further information contact:
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Workspace Group PLC |
Tel: +44 (0)20 7369 2273 |
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Harry Platt, Chief Executive |
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Graham Clemett, Finance Director |
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City Profile |
Tel: +44 (0)20 7448 3244 |
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Jonathan Gillen |
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Will Attwell |
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