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Prices & Quotes - UK Markets - Workspace Group (WKP)

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Share Price:
Up 870.00p
Change Today:
10.50p
Market Cap:
1,575.70m
Sector:
Real Estate Investment Trusts

Workspace ups dividend but crisis hits trading

By Sean Farrell

Date: Friday 05 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Workspace increased its final dividend as annual trading profit rose but the company said rent reductions and a sharp slowdown in enquiries would hit performance in the current year.
The London-focused flexible office provider declared a final dividend of 24.49p a share, up from 22.26p a year earlier, taking the annual payout to 36.16p - up 10%. The payment is in line with requirements for real estate investment trusts.

Trading profit after interest for the year to the end of March rose 12% to 81m as net rental increased 10% to 122m. Pretax profit almost halved to 72.5m from 137.3m as property values fell 8m compared with a 61m increase the year before.

Workspace said customer demand was strong during the financial year but that it had a "significant slowdown in enquiries" from the end of March during the Covid-19 lockdown though its centres stayed open.

The company cut rents by 50% for existing customers for three months and offered them rent deferrals. Taking these measures into account rent collection was 70% for the first quarter. The company said in the longer term it had a big opportunity as working practices change in light of the Covid-19 emergency.

Graham Clemett, Workspace's chief executive, said: "We will undoubtedly see subdued levels of operational performance in the short term with a reduction in rental income. However, we expect that the structural shift in the office market towards flexibility will now accelerate more broadly.

"We believe that, with our well established flexible offer and the quality of our space and services, Workspace is ideally positioned to benefit as London recovers from the impact of the Covid-19 pandemic."





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Workspace Group Market Data

Currency UK Pounds
Price 870.00p
Change Today 10.50p
52 Week High 920.50p
52 Week Low 482.40p
Volume 48,584
Shares Issued 181.12m
Market Cap 1,575.70m

Performance Indicators

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Operating Margin
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What The Brokers Say

Strong Buy 3
Buy 0
Neutral 5
Sell 1
Strong Sell 2
Total 11
neutral
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
  Final Final
Ex-Div 01-Jul-21 02-Jul-20
Paid 06-Aug-21 07-Aug-20
Amount 17.75p 24.49p

Trades for 22-Jun-2021

Time Volume / Share Price
14:25 3 @ 869.50p
14:25 24 @ 870.00p
14:25 38 @ 870.00p
14:25 42 @ 869.50p
14:25 88 @ 869.50p

Workspace Group Key Personnel

CEO Graham Clemett
CFO David Benson