TIDMWKP
RNS Number : 1500F
Workspace Group PLC
11 July 2019
11 July 2019
Workspace GROUP PLC
FIRST Quarter business update
CONTINUED DEMAND FOR WORKSPACE'S
DISTINCTIVE FLEXIBLE OFFER
HIGHLIGHTS
-- Good level of customer demand in the first quarter with
enquiries averaging 1,060 per month (Q1 2018/19: 1,021) and
lettings of 121 per month (Q1 2018/19: 88).
-- Two new buildings, in Hoxton and Clerkenwell, and one
building extension and refurbishment in Chiswick completed during
the quarter.
-- Pro forma LTV of 22% at 30 June 2019, based on March 2019
valuation, with cash and undrawn facilities of GBP134m.
Graham Clemett, Interim Chief Executive Officer, Workspace Group
PLC, commented:
"It has been a busy and successful quarter for the Company. Our
distinctive flexible offer continues to attract strong demand from
a broad range of customers, despite the challenging economic
environment.
Our completed projects are letting up well and we are
progressing at pace with the delivery of our project pipeline.
Alongside this we remain well positioned to take advantage of
acquisition opportunities but remain rigorous on our return
criteria."
Enquiries and Lettings
We have seen good levels of demand for space through the quarter
at both our like-for-like properties and recently completed
projects. Enquiries averaged 1,060 per month and lettings averaged
121 per month.
Quarter Ended
Average number 30 Jun 31 Mar 31 Dec 2018 30 Sep 30 Jun
per month 2019 2019 2018 2018
Enquiries 1,060 1,244 907 1,019 1,021
Lettings 121 130 98 97 88
---------------- ------- ------- ------------ ------- -------
Refurbishment and Redevelopment Activity
In April 2019, we completed the refurbishment of The Light Box,
Chiswick comprising a 19,000 sq. ft. roof extension and a
significant upgrade to the common areas.
In June 2019, we completed two new buildings:
-- Brickfields, adjacent to Hoxton Rail Station, with 57,000 sq.
ft. of net lettable space comprising 98 offices and studios. The
industrial design of the building features a steel-frame interior
and a large central atrium.
-- Ink Rooms, a former printing ink factory in Clerkenwell, has
been converted and extended to provide 23,000 sq. ft. of net
lettable space comprising 37 offices and studios.
We expect to complete another three refurbishment projects
during the remainder of the current financial year, providing a
further 104,000 sq. ft. of new and upgraded space.
Financing
Net debt reduced by GBP6m in the quarter to GBP574m, with cash
balances and undrawn facilities of GBP134m as at 30 June 2019.
The pro forma loan-to-value ratio at 30 June 2019, based on the
31 March 2019 property valuation is 22% (31 March 2019: 22%).
Directorate Change
On 31 May 2019 Jamie Hopkins stepped down from his role as Chief
Executive Officer. Graham Clemett, the Company's Chief Financial
Officer, has assumed the role of Interim Chief Executive Officer,
with the formal search for a permanent successor progressing
well.
- ENDS -
For further information, please contact:
Workspace Group PLC 020 7369 2384
Emily Meara, Investor Relations Manager
Edelman 020 3047 2546
John Kiely
Rob Yates
Notes to Editors
About Workspace Group PLC:
Workspace is focused on helping businesses perform at their very
best. The Workspace
Advantage is our unique customer offer and is open to all - we
provide inspiring, flexible workspaces with super-fast technology
in dynamic London locations.
Established in 1987, and listed on the London Stock Exchange
since 1993, Workspace owns and manages 4.0 million sq. ft. of
business space across 64 London properties which it lets directly
to customers. We are home to thousands of businesses including some
of the fastest growing and established brands across a wide range
of sectors.
The way businesses work is changing. That's why we continually
invest in providing the
technology infrastructure that enables our customers to think
and move fast, and alongside their working environment, is tailored
to each individual business.
Workspace (WKP) is a FTSE 250 listed Real Estate Investment
Trust (REIT) and a member of the European Public Real Estate
Association (EPRA).
Workspace(R) is a registered trade mark of Workspace Group Plc,
London, UK.
LEI: 2138003GUZRFIN3UT430
For more information on Workspace, please visit
www.workspace.co.uk
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END
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