Workspace posts pretax profit fall

Item H2 2016 result (£) H1 2016 result (£) % change Pretax profit 7.1m 163.4m 96 EPRA NAV 9.15 9.23 0.9 Rental income 38m 35.9m 6 Workspace Group has recorded a pretax profit of £7.1m in its half-year results to 30 September, a fall from £163.4m at the end of the previous half year. It has also posted a 0.9% fall in property values to £1.8bn and a decrease in EPRA NAV per share to £9.15 from £9.23 on 31 March 2016. But rental income rose by 6% to £38m, up from £35.9m on 31 March, and a total rent roll of £84.8m, up by 8.4% from H1. In the wake of an extensive pipeline of refurbishment and development, the company posted a 40% increase in its interim dividend to 6.80p. It has planning consents for two refurbishments in Hackney and Ladbroke Grove and for a mixed-use redevelopment in Stratford. The company has also sold three residential redevelopments at a premium to its 31 March valuation as well as the eight properties remaining in the BlackRock Workspace Property Trust. Workspace Group’s loan-to-value ratio is 14%, down from 16% six months ago. Jamie Hopkins, chief executive, said: “We remain confident in the resilience of our customer base and are committed to our strategy of driving income growth and enhancing shareholder value over the long term.” • To send feedback, e-mail shekha.vyas@estatesgazette.com or tweet @ShekhaV or @estatesgazette