Workspace half-year profit surges

12th Nov 2013 07:58

- Four-fold increase in pre-tax profit - Demand remains strong across London- Lifts interim dividend 10 per centFTSE 250 business premises provider Workspace reported a four-fold increase in interim pre-tax profit following strong demand across its business.The London-based company said pre-tax profit, which includes the increase in the value of its investment properties, rose to £100.8m for the six months to September 30th from £24.6m in the same period in 2012. Adjusted trading profit after interest climbed 10% to £9.7m.Net assets increased by £89m to £589m over the six months, following an increase in the property valuation of £96m. Like-for-like (LFL) rent roll rose 3.8% since March 31st 2013 at £45.9m. LFL occupancy stood at 90.9% from 89.9% from March 31st 2013.Workspace Chief Executive Officer Jamie Hopkins said: "Demand from new and growing businesses across London remains strong and as well as continuing to make very good progress with our refurbishment and redevelopment activity.The group, which announced the acquisition of Verulam House on Gray's Inn Road, London, added: "The acquisition fits extremely well within our portfolio and we remain active in targeting other strategic acquisition opportunities where appropriate."Workspace has recommended an interim dividend of 3.54p per share, up 10%.CJ