Workspace 2019 interim results
Strong growth in net rental income, up 17% year on year to £54.1m, resulting in 20% growth in adjusted trading profit after interest to £35.4m
Reported profit before tax of £101.6m (September 2017: £123.7m), with growth in trading profit offset by a lower increase in property valuation and reduced disposal profits
Underlying increase of 2.6% (£62m) in the property valuation (September 2017: £72m)
EPRA net asset value per share up 3.7% to £10.75
9.96% equity placing completed in June 2018, raising gross proceeds of £179m
Loan to value of 18% at 30 September 2018 increasing to 22% on a proforma basis following the acquisition of The Shepherds Building, Shepherd's Bush, in October 2018
A 20% increase in the interim dividend to 10.61p reflecting the strong financial performance and positive outlook
Workspace assigned a BBB (stable) rating by S&P
