Workspace interim profit, net rental income jump amid good demand

Workspace posted a jump in interim pre-tax profit and net rental income on Wednesday amid good customer demand.

In the period from 1 April to 30 September, pre-tax profit rose to £123.7m from £7.1m at the same time a year ago, with net rental income up 21% to £46.1m. Meanwhile, the interim dividend was lifted 30% to 8.84p.

During the period, the company saw a good, consistent level of customer demand with enquiries averaging 1,047 per month. The total rent roll was up 17.1% to £104.8m, while the like-for-like rent roll was 4.1% higher at £63.5m and LFL occupancy was at 92.4%, up 1.5%.

Chief executive officer Jamie Hopkins said: "We have seen good customer demand in the first half of the year, driven by our ability to provide well connected, inspiring space on flexible terms to an increasingly wide range of businesses. Owning our properties in the right locations across London, combined with a deep understanding of and direct relationships with our customers, provides us with a key market advantage and further prospects for growth.

“We have continued to reshape our portfolio, acquiring two properties in Fitzrovia and the City and disposing of non-core industrial assets. We have made good progress on our refurbishment and redevelopment projects, and have a strong pipeline of activity which will bring new and upgraded space to the market.”