Workspace upbeat as London's tech economy booms

4th Jun 2014 07:04

- Rent roll rises 8.5%- Occupancy stable at 90.0%.- Confident outlook, increases dividend 10%Office space provider Workspace reported a strong set of annual results, thanks to London's flourishing technology and media sector, with like-for-like (LFL) rent roll up 8.5% in year to £47.4m. The flexible office space provider, catering mostly to technology, media and telecom companies, said LFL rent per square feet rose 8.5% to £15.28 while pre-tax profit surged to £252.5m for the year ended March 31st from £76.4m a year earlier. Occupancy remained stable at 90.0%.Adjusted underlying earnings per share climbed 14% to 13.9p during the year. Workspace said it was confident about future trading and underlined this with a 10% increase in its final dividend to 10.63p per share.Chief Executive Jamie Hopkins said: "This has been another very successful year of performance and results for Workspace. We have stuck to our strategy of supplying London's new and growing companies with high quality properties that are in the right locations and that offer the services and facilities that suit their needs. "London is changing fast. New areas are emerging and establishing, occupiers are generally more fleet of foot and modern communication channels have revolutionised the way businesses operate. Workspace is embracing this change via its refurbishment and redevelopment activity as well as making selective property acquisitions in strategic locations across the capital." CJ