Workspace Group has reported a tenfold uplift in its half-year profit.
The London- focused flexible workspace investor announced pretax profit of £35.8m, up from the£3.4m in the first half of 2021.
The total portfolio valuation rose slightly to £2.86bn, due to the £434m acquisition of McKay, completed in May, and an £8m valuation uplift.
Chief executive Graham Clemett said: “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.”
Net rental income was £56m, an increase of 36% on H1 2021’s £41m.
However, its LTV rose from 23% to 33% following the acquisition of McKay.
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