Workspace Group has increased its interim dividend by 10% despite a slight softening in its profit in the six months ended 30 September 2019.
The flexible office provider’s dividend rose to 11.67p, up from 10.61p a year earlier. EPRA net asset value per share increased by 2.7% to £11.15.
The firm’s profit fell by 3% to £99.1m during the period, and rents rose by 11% to £60.1m.
Workspace’s portfolio value grew by 2% to £2.7bn.
Graham Clemett, who took over as chief executive in September, said: “Our robust enquiry and letting levels reflect the appeal of our offering as an increasing number of occupiers look for flexible terms for their office space requirements. The 10% increase in the interim dividend we have announced today reflects our success to date and the board’s continued confidence in our future growth prospects.
“The new centres we launched last year have let up well, with The Frames in Shoreditch fully let within 12 months of opening. We have completed a further four projects in this half year, with another new building in Hackney to be launched in the second half. We have a robust pipeline of project activity which will continue to deliver high-quality space across our portfolio and fuel income growth.”
Clemett has been with Workspace for more than 12 years, having joined the board as finance director in July 2007.
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
