Workspace Group increases its 2018 interim dividend by 30%

DividendMax Ltd.

Workspace Group increases its 2018 interim dividend by 30%

Workspace Group 2018 interim results

Strong growth in net rental income year on year of 21% to £46.1m, resulting in 25% growth in adjusted trading profit after interest to £29.4m

Profit before tax of £123.7m with a significant uplift in the property valuation (30 September 2016: £7.1m)

EPRA net asset value per share of £10.14, up 6.4% in the six months

An underlying increase of 3.5% in the property valuation to £2,139m in the six months

A 30% increase in the interim dividend to 8.84p reflecting the strong financial performance

Loan to value at 20% with undrawn facilities (including cash) of £243m

Operating performance in the six months

Good, consistent level of customer demand with enquiries averaging 1,047 per month

Total rent roll up 17.1% to £104.8m (31 March 2017: £89.5m)

Like-for-like rent roll up 4.1% to £63.5m (31 March 2017: £61.0m)

Like-for-like occupancy at 92.4%, up 1.5%, and rent per sq. ft. up 2.7% to £33.56

Strategic progress in the six months

Two industrial estates sold for £80m, a profit of £23m on the book value at 31 March 2017

One residential redevelopment sold in the period, another contracted for sale

13-17 Fitzroy Street, Fitzrovia acquired in April 2017 for £98.5m

The Record Hall, a new flagship business centre in Holborn, opened in May 2017

The Salisbury, Finsbury Circus acquired in June 2017 for £158.7m

Secured longer term funding with £200m private placement

Companies mentioned