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

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 860.50p
Change Today:
1.00p
Market Cap:
1,558.50m
Sector:
Real Estate Investment Trusts

Workspace swings to loss as customers vacate, downsize due to Covid

By Michele Maatouk

Date: Wednesday 11 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Workspace said on Wednesday that it swung to a loss in the first half, with income hit as customers vacated or downsized due to the Covid-19 pandemic, as it deferred a decision on dividend payments.
In the six months to 30 September, the company swung to a pre-tax loss of 110.4m from a profit of 99.1m in the first half of last year, as the property valuation declined 4.9% from the end of March to 2.45bn. Net rental income slumped 39% to 36.5m.

Workspace noted an increase in customers vacating and downsizing due to the pandemic. Like-for-like occupancy fell by 7.8% to 85.5%, while rent per square foot was down 3.3% to 40.61. The LFL rent roll declined 11.6% to 98.8m.

However, the company said it had seen a "significant" improvement in new customer demand under eased restrictions, reaching near pre-Covid levels in September.

Workspace said it had decided to defer a decision on dividend payment until the full year, in light of the current pandemic and the recent return to lockdown.

Chief executive Graham Clemett said: "Like so many businesses, we have had a challenging first half as a result of the Covid-19 pandemic. Despite the difficult environment, we have delivered a resilient performance which has highlighted the strength of our offering and business model.

"There is no doubt that people's expectations of the office are changing. Although this trend has been apparent to us for several years, the pandemic has accelerated fundamental changes to the role and requirements of the office for an increasing number of businesses and their employees. As the economy recovers from Covid-19, businesses will need to be more agile and will expect the same from office space providers."



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Workspace Group Market Data

Currency UK Pounds
Price 860.50p
Change Today 1.00p
52 Week High 920.50p
52 Week Low 482.40p
Volume 166,910
Shares Issued 181.12m
Market Cap 1,558.50m

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
16:35 84,733 @ 860.50p
16:29 90 @ 862.00p
16:29 150 @ 862.00p
16:29 140 @ 861.00p
16:29 350 @ 861.50p

Workspace Group Key Personnel

CEO Graham Clemett
CFO David Benson