| Item | Year to 31 March (£m) | % change year on year |
|---|---|---|
| Portfolio valuation | 1.4 | 2.1 |
| Rental income | 79.2 | 6.9 |
| Trading profit after interest | 50.7 | 15.5 |
| Total rent roll | 89.5 | 14.5 |
Flexible office provider Workspace has reported a decrease in profit before tax to £88.8m.
The group said that the dip in results for the year to 31 March was the result of a smaller uplift in its property valuation, which rose by 2.1% to £1.4m.
It reported strong growth in net rental income, which was up by 6.9% to £79.2m, resulting in 15.5% growth in adjusted trading profit after interest to £50.7m.
There was also a 14.5% increase in total rent roll to £89.5m, fuelled by rental growth at like-for-like properties and a strong letting performance at recently completed projects.
Jamie Hopkins, chief executive officer, said: “This year demand, from all types of businesses across London, is moving towards the highly designed and connected space, let on personalised and flexible terms, that Workspace offers. Our performance has supported the board’s decision to increase the dividend by 40%.
“Despite the uncertainty in the market following the EU Referendum, we have a strong pipeline of refurbishments and redevelopments expected to deliver more than 1m sq ft of new and upgraded space over the next three years.”
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