Workspace Group (WKP)

Sector:

Property Investment Trusts

Index:

FTSE 250

512.50p
   
  • Change Today:
      9.50p
  • 52 Week High: 604.00
  • 52 Week Low: 431.40
  • Currency: UK Pounds
  • Shares Issued: 191.91m
  • Volume: 172,915
  • Market Cap: £983.54m
  • RiskGrade: 166

Workspace swings to profit, buys Busworks building in Islington

By Michele Maatouk

Date: Wednesday 17 Nov 2021

LONDON (ShareCast) - (Sharecast News) - Office space provider Workspace said on Wednesday that it swung to a profit in the first half amid rising demand, as it announced the acquisition of the Busworks building in Islington for £45m.
The company swung to a pre-tax profit of £3.4m from a loss of £110.4m in the same period a year ago, with net rental income up 12% at £41m. Workspace highlighted "strong" customer demand with enquiries, viewings and lettings now at pre-pandemic levels.

The like-for-like rent roll rose 2.1% to £87.3m in the six months to the end of September, while LFL occupancy was up 3.7% to 85.6%.

Chief executive officer Graham Clemett said: "We have seen a strong recovery in our trading performance in the first half of the year after successfully managing through the challenges of the last year. The speed and strength of that recovery has been fuelled by rising demand for our unique flexible offering, which is proving to be an attractive option for an increasing number of businesses in London as the way people work rapidly evolves.

"Now more than ever, space matters and businesses are making decisions about their offices based on what their people want - great space in interesting, convenient locations with top sustainability credentials.

"All the signs point to strong underlying momentum in our business. Demand metrics continued to improve in the first half across London, utilisation of our centres is increasing, prices have stabilised and rent collection is strong."

The results came alongside news the company has bought the historic Busworks building in Islington.

Workspace said it plans to upgrade the building - a former Victorian bus factory - and "reposition the offering towards its distinctive, flexible model over time".

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Workspace Group Market Data

Currency UK Pounds
Share Price 512.50p
Change Today 9.50p
% Change 1.89 %
52 Week High 604.00
52 Week Low 431.40
Volume 172,915
Shares Issued 191.91m
Market Cap £983.54m
RiskGrade 166

Workspace Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
33.26% above the market average33.26% above the market average33.26% above the market average33.26% above the market average33.26% above the market average
20.00% above the sector average20.00% above the sector average20.00% above the sector average20.00% above the sector average20.00% above the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 3
Buy 5
Neutral 3
Sell 1
Strong Sell 0
Total 12
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Workspace Group Dividends

  Latest Previous
  Interim Final
Ex-Div 04-Jan-24 06-Jul-23
Paid 02-Feb-24 04-Aug-23
Amount 9.00p 17.40p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 48,327 @ 512.50p
16:35 328 @ 512.50p
16:35 2 @ 512.50p
16:35 106 @ 512.50p
16:35 228 @ 512.50p

Workspace Group Key Personnel

CEO Graham Clemett
CFO David Benson

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