Workspace Group PLC on Thursday said its ‘year of recovery’ was rounded off by strong trading in its final quarter.

The London-based office space provider said in the final quarter of its year ended March 31, like-for-like rent roll grew 4.0% to £92.9 million, with total rent roll up 3.5% to £111.0 million.

Demand from small & medium enterprises was strong in the period, with average inquiries per month up 5% year-on-year to 957, and monthly lettings were up 14% to 127.

Like-for-like occupancy grew 3.0% in the quarter to 90%, and 7.8% over the year. Occupancy levels were approaching pre-Covid levels, the company said.

Shares in Workspace were up 2.7% to 702.00 pence each in London on Thursday morning.

Chief Executive Officer Graham Clemett commented: ‘Our strong performance in the fourth quarter demonstrates further evidence that whilst SMEs have always appreciated flexible working, they also place enormous value on working together in the right space where they can collaborate, be creative and build distinctive cultures for their businesses.

‘In this dynamic SME market, the continued demand for our space across a broad range of locations is translating into higher occupancy, higher utilisation and improved pricing.’

Full results for financial 2022 will be released on June 8.

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