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 FY trading profits grow amid strong demand

By Iain Gilbert

Date: Wednesday 08 Jun 2022

LONDON (ShareCast) - (Sharecast News) - Flexible office space provider Workspace Group said on Wednesday that full-year trading profit after interest was up 21% in the twelve months ended 31 March to £46.9m, driven by a 6.4% increase in net rental income to £86.7m.
Workspace stated its "strong trading performance" was driven by customer demand throughout returning to pre-Covid levels by the end of the period and had resulted in a pre-tax profit of £124.0m, a marked improvement when compared to the prior year's loss of £235.7m.

The FTSE 250-listed group also highlighted that it had delivered increases in both trading profit after interest and its property valuation, the latter of which was up 3.0% at £2.40bn.

EPRA net tangible assets per share were up 5.3% at £9.88, with a total accounting return of 8.0%, while Workspace's loan to value was 23%.

Total dividends were up 21% at 21.5p per share, again reflecting the company's "strong financial performance".

Chief executive Graham Clemett said: "Our focus over the past year has been to support our customers' return to the office, rebuild like-for-like occupancy back to 90% and drive trading profit growth. I am delighted that we have been able to deliver on these targets, reflecting the fantastic efforts of the Workspace team, the quality of space and facilities we provide and the attractions of our distinctive flexible offer.

"Looking ahead, the positive momentum of our recovering occupancy, strong customer demand, and improving pricing are tempered, near-term, by wider concerns around the economy. We have not yet seen any impact on customer activity, but we are monitoring this closely. We benefit from the diversity of our customers and the proven agility of SMEs to adapt quickly to changing economic environments. We remain confident that we are well-positioned for continued sustainable growth and to deliver strong returns over the medium term."



Reporting by Iain Gilbert at Sharecast.com

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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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