Ian Scott International


Workspace’s profit soars 17-fold as businesses seek out flexible offices

More and more businesses are seeking flexible office space, helping drive a 17-fold increase in profits at real estate firm Workspace. 

Pre-tax profits at the company soared to £123.7m in the six months to September 30, prompting it to raise its interim dividend by 30pc to 8.84p per share. 

The real estate investment trust, which operates a string of London offices, saw net rental income climb 21pc to £46.1m. In the same period, the underlying value of its property grew 3.5pc to £2.1bn.

Workspace Group chief executive Jamie Hopkins said: “We have seen good customer demand in the first half of the year, driven by our ability to provide well connected, inspiring space on flexible terms to an increasingly wide range of businesses.

“We have made good progress on our refurbishment and redevelopment projects, and have a strong pipeline of activity, which will bring new and upgraded space to the market.”

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