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Workspace Group hikes rents as occupancy falls
(Sharecast News) - Office owner and operator Workspace Group met expectations with its full-year results, with a small increase in income as higher rents made up for falling occupancy levels. Underlying rental income rose 1.7% over the 12 months to 31 March at £135.5m, though net rental come fell 3.2% to £122.1m as a result of £100m-worth of asset disposals during the period.
Like-for-like occupancy stood at just 83.0% during the year, down from 88.0% previously, reflecting a higher-than-usual level of larger customers vacating in the period. However, LFL rents per square foot increased 4.8% to £48.08.
"These challenges will continue in the coming year, but we now have a very clear, deliverable strategy in place to stabilise and rebuild our occupancy and drive rental growth," said chief executive Lawrence Hutchings, who joined the company six months ago.
Workspace's portfolio was valued at £2.37bn by the end of the fiscal year, down 2.4% over the year before.
Trading profit after interest was up 1.2% at £66.8m, while headline pre-tax profit totalled £5.4m, compared with a loss of £192.8m previously. The total dividend was raised to 28.4p from 28.0p.
The stock was down 1.2% at 400.5p by 0830 BST.
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