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
