Workspace Group Board is recommending a final dividend of 19.0p per share, taking the full year dividend to 28.0p (2023: 25.8p), to be paid on 02 August 2024 to shareholders on the register at 05 July 2024. 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 8.2% (£9.6m) to £126.2m (31 March 2023: £116.6m)
●Trading profit after interest up 8.7% to £66.0m (31 March 2023: £60.7m)
●Property valuation of £2,446m, an underlying1 reduction of 3.1% (£78m) in the second half, compared to a reduction of 6.6% (£178m) in the first half
●Like-for-like portfolio valuation down 8.1% over the full year with ERV per sq. ft. up 3.4% to £49.43 and equivalent yield out 78bps to 7.0%
●Loss before tax of £192.8m (31 March 2023: £37.5m) reflecting the reduction in the property valuation
●EPRA net tangible assets per share down 13.7% from 31 March 2023 to £8.00
●Robust balance sheet with £145m of undrawn facilities and cash and LTV at 35% (31 March 2023: 33%)
●Average cost of debt over the year was 3.8% with 89% at fixed rates and a weighted average drawn debt maturity of 3.6 years as at 31 March 2024
