Workspace Group Board is to announce that this year an interim dividend of 9.4p per share (2024: 9.4p) will be paid on 2 February 2026 to shareholders on the register at 9 January 2026. The dividend will be paid as a normal dividend.
Other financial highlights include:
Underlying net rental income flat at £58.6m (September 2024: £58.6m), net rental income down 3.0% (£1.8m) to £58.7m (September 2024: £60.5m) following disposals
Trading profit after interest down 6.4% to £30.6m (September 2024: £32.7m)
(September 2024: 9.4p)
Like-for-like portfolio valuation down 3.0% with a 2.3% decrease in ERV per sq. ft. and equivalent yield coming in 17bps to 6.7%
Total portfolio valuation of £2,276m, an underlying reduction of 4.0% (£96m) from 31 March 2025 (September 2024: underlying reduction of 0.8%)
Loss before tax of £71.1m, reflecting the movement in the property valuation (September 2024 profit before tax: £10.2m)
EPRA net tangible assets per share down 6.8% to £7.21 (March 2025: £7.74)
Robust balance sheet with £167m of cash and undrawn facilities (March 2025: £260m) and LTV at 36% (March 2025: 34%)
Average cost of debt over the last six months to 30 September was 3.8% with 82% of current debt at fixed rates
In November, the maturity of £215m of bank facilities was extended by one year
