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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 reports strong demand for office space

By Sean Farrell

Date: Thursday 06 May 2021

LONDON (ShareCast) - (Sharecast News) - Workspace said demand for its shared offices rose strongly and rent collection was solid as the economy started to reopen from the Covid-19 lockdown.


The London-focused flexible office group said monthly average enquiries fell to 910 in the fourth quarter from 1,128 a year earlier and lettings dropped to 111 from 117. Enquiries rose to 1,172 in March from 720 in January and lettings more than doubled to 150 from 71.

Workspace said momentum continued after the three months to the end of March into the current year as government restrictions were lifted. Utilisation of its business centres reached 20% of pre-Covid levels at the end of March and 30% a month later.

The company said it had collected 92% of rent due for the fourth quarter and 84% of rent for the first quarter of the current year - in line with previous quarters. It published the trading update before an investor presentation on its brand and marketing plans.

Graham Clemett, Workspace's chief executive, said: "It is great to see strong pick-up in new customer demand, confirming our attraction and relevance as the capital reopens for business. It is early days, but with increasing demand and a reduction in customers vacating, we are now seeing occupancy stabilise and anticipate a recovery in occupancy levels at our centres during the current financial year."

Shares of Workspace rose 2.1% to 858p at 08:24 BST. The company said it would publish annual results on 3 June.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

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

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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