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Workspace warns of 'substantial' profit fall, shares tank
(Sharecast News) - Shares in Workspace Group slumped at the open on Friday as the office provider said it expected a "substantial step down" in annual trading profit due to inflation, falling rents, higher interest costs and more investment in the business.
The company added that it would return its dividend payout policy to cover of 1.2x earnings from fiscal 2025/26 onwards.
Total rent roll in the fourth quarter fell 1.4% to £127.3m. Workspace said it expected annual trading profit before interest to be in line with expectations.
Shares in the company were down almost 13% in early London trade.
Reporting by Frank Prenesti for Sharecast.com
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