Workspace appears to ride out the inflationary storm, with renting space for the flexible work group remaining stable.
Profit after interest was up 33.5 per cent to £29.1m in the London-listed firm’s half year results, driven by 36.8 per cent (£15.1m) increase in net rental income to £56.1m.
Like-for-like rent roll up by 3.6 per cent to £94.5m in the six months to 30 September, while like-for-like occupancy was stable at 89.6 per cent with rent per sq. ft. up 4.0 per cent in the half year to £38.6m.
Commenting on the results, Workspace chief exec Graham Clemett said: “Having delivered a rapid recovery from the challenges of the Covid period, I am delighted with our continued progress.
Occupancy has now stabilised, pricing is steadily increasing, new space is letting up well and we have completed the integration of the McKay business. This robust operational performance has driven the strong financial results we are reporting for the first half.”
Workspace said it expects to complete the sale of the residential component of its mixed-use redevelopment at Riverside, Wandsworth for £55m in January 2023.
The firm backed its ability to ride out the wider macroeconomic challenges, and said it was “focused on tightly controlling our own costs and prudently managing our balance sheet”.
This sits in contrast to WeWork, which recently said it would be culling 40 underperforming sites in a bid to save cash.
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