Workspace interims lower as property market slows
Dividend lifted 20% as board stays confident on outlook
Updated : 09:41
The slowing property market hit interim profits at office developer Workspace, which fell 18% to £101.6m.
Growth in trading profit was offset by a lower increase in property valuation and reduced disposal profits, the company said.
Net rental income rose up 17% year on year to £54.1m, resulting in 20% growth in adjusted trading profit after interest to £35.4m. Property valuations increased 2.6% to £2.4bn.
The total rent roll increased 1.9% to £115m. The company lifted the interim dividend 20% to 10.61p a share reflecting a strong financial performance and ...confidence in the outlook for the company”.
Chief executive Jamie Hopkins said despite the uncertain economic climate he was “encouraged by the good like-for-like performance, alongside delivery of our project pipeline and the acquisition and integration of some exciting new properties”.
"The new and upgraded business centres that we have launched over the last six months are already letting up well and, with a healthy pipeline of further refurbishment and redevelopment projects underway, we are confident that our product is meeting the ongoing customer demand for high quality space.