Workspace's FY profit slips as revenue, NAV/share up
Source - SMW
Workspace has posted a FY pretax profit for FY 2017 and said it continued to see healthy demand for its space.
FY pretax profit was £88.8m, from £391.3m. It benefited from a £39.5m gain in the fair value of investment properties, from £296.6m previously.
Revenue came in at £108.8m, from £101.2m. Net rental income was £79.2m, from £74.1m. EPRA NAV per share was 953p, up 3.33%, while total dividend was hiked 40% to 21.07p a share.
"This year, more than ever before, we have seen increasing evidence that our strategy is working. Demand, from all types of businesses across London, is firmly moving towards the highly designed and super connected space let on personalised and flexible terms that Workspace offers," said CEO Jamie Hopkins.
"Our ability to capture the opportunities in this changing marketplace is evidenced by our strong results, with rent roll growing strongly and trading profit increasing by 15% to over £50m. This performance has supported the Board's decision to increase the dividend by 40%."
Hopkins said that, despite the uncertainty in the market following the EU referendum, Workspace remained confident of its ability to deliver long-term value for shareholders.
"We have a strong pipeline of refurbishments and redevelopments expected to deliver more than one million sq. ft. of new and upgraded space over the next three years. We continue to see healthy demand for our space and we have the financial resources to take advantage of acquisition opportunities."