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Share Price:
Up 863.50p
Change Today:
4.00p
Market Cap:
1,563.93m
Sector:
Real Estate Investment Trusts

Workspace Q1 demand improves but activity well below pre-Covid levels

By Michele Maatouk

Date: Thursday 09 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Office space provider Workspace said on Thursday that customer demand improved in the first quarter but that activity remains well below pre-Covid levels.
The company said enquiries in June rose to 765 from 272 in April. However, average monthly enquiries in the first quarter were 506 versus 1,060 in same period a year ago, while monthly average lettings dropped to 43 from 121.

Cash collection of rent due for the first quarter is now at 75%, net of rent reductions and deferrals and the 50% rent reduction offered to business centre customers ended at the end of June.

Workspace said it has received 65% of rents due for the second quarter to date, compared to around 80% at the same time last year.

While customers are slowly returning to its centres, activity is now at around 15% of usual levels, it said.

"The Covid-19 lockdown had a significant impact on customer demand in the quarter, although as restrictions eased we saw a strong pick-up in activity," Workspace said. "We are encouraged to see that the level of activity continued to increase in early July."

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Workspace Group Market Data

Currency UK Pounds
Price 863.50p
Change Today 4.00p
52 Week High 920.50p
52 Week Low 482.40p
Volume 70,083
Shares Issued 181.12m
Market Cap 1,563.93m

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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
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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
15:46 11 @ 863.50p
15:45 23 @ 863.50p
15:45 37 @ 863.50p
15:45 20 @ 863.50p
15:45 51 @ 863.00p

Workspace Group Key Personnel

CEO Graham Clemett
CFO David Benson