Workspace Group announce a total dividend per share up 20% to 25.8p per share

DividendMax Ltd.

Workspace Group announce a total dividend per share up 20% to 25.8p per share

The Workspace Group Board is recommending a final dividend of 17.4p per share, taking the full year dividend to 25.8p (2022: 21.5p), to be paid  on 4 August 2023 to shareholders on the register at 7 July 2023. The dividend will be paid as a REIT Property Income Distribution (PID) net of withholding tax where appropriate.

Other financial highlights include:

●Net rental income up 34% (£29.9m) to £116.6m, up 17% on an underlying basis

ּ●Trading profit after interest up 29% to £60.7m

●Resilient property valuation of £2,741m, an underlying reduction of 3.2% (£91m) from 31 March 2022. Like-for-like portfolio valuation down 0.3%

●Loss before tax of £37.5m (2022: £124.0m profit) reflecting a reduction in the property valuation

●EPRA net tangible assets per share down 6.2% from 31 March 2022 to £9.27

●Robust balance sheet with £148m of cash and undrawn facilities and LTV of 33% (31 March 2022: 23%)

●Average cost of debt over the year was 3.7% with 73% at fixed rates and a weighted average drawn debt maturity of 4.1 years as at 31 March 2023

●Announced exchange for sale of McKay non-core assets for £82m in May 2023, will reduce LTV by 2% to 31% on a proforma basis and increase the percentage of lower cost fixed-rate debt to 80%

Companies mentioned