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Workspace hikes dividend despite drop in profit

By Duncan Ferris

Date: Wednesday 13 Nov 2019

Workspace hikes dividend despite drop in profit

(Sharecast News) - Workspace on Wednesday reported a drop in interim profit but raised its dividend after an increase in the size of its portfolio led to double-digit rental income growth.

The flexible work space provider recorded a pre-tax profit of £99.1m for the six months to September 30, down 2% on the same period last year, as direct costs increased by 13% to £20.1m.

Workspace attributed the drop in profit its lack of gains from property sales, compared with £8.5m, while it also noted that its £59.6m rise property valuation was below the £60.6m it registered in the comparable period in 2018.

The FTSE 250-listed company hiked its interim dividend by 10% to 11.67p per share.

Revenue climbed by 12% to £80.2m, as net rental income jumped 11% to £60.1m after the company increased the size of its portfolio.

The company said demand for its services remained strong, with average enquiries rising by 9% to 1,109 per month and average lettings growing by 38% to 127 per month.

Workspace shares were up by 2.30% at 1,113.00p at 0955 GMT.

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