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Share Name Share Symbol Market Type Share ISIN Share Description
Workspace Group Plc LSE:WKP London Ordinary Share GB00B67G5X01 ORD GBP1
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  4.00 0.47% 859.00 855.00 856.50 877.50 848.50 863.00 507,264 16:35:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 142.3 -235.7 -130.3 - 1,556

Workspace Group PLC BUSINESS UPDATE

06/05/2021 7:00am

UK Regulatory (RNS & others)


Workspace (LSE:WKP)
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TIDMWKP

RNS Number : 6955X

Workspace Group PLC

06 May 2021

6 May 2021

WORKSPACE GROUP PLC

BUSINESS UPDATE

Workspace, London's leading provider of flexible offices, ("the Company"), is today hosting a presentation for analysts and investors. The virtual event will include a presentation from Will Abbott, Chief Customer Officer, on the Company's brand positioning and marketing capabilities. The presentation can be followed live at 14:00 BST at the link below and will be made available after the event on the Company's website.

Ahead of the presentation, Workspace provides the following business update on recent customer activity and cash collection.

Despite the Government lockdown, new customer demand picked up strongly through the fourth quarter, with average monthly enquiries of 910 and average monthly lettings of 111. This momentum has continued into the first quarter of the new financial year.

 
                Monthly Average         Monthly Activity 
                                   ------------------------- 
                 Q4         Q4      31 Mar   28 Feb   31 Jan 
               2020/21    2019/20    2021     2021     2021 
             ---------             -------  -------  ------- 
 
 Enquiries      910       1,128     1,172     839      720 
 Viewings       391        653       469      404      300 
 Lettings       111        117       150      113       71 
             ---------  ---------  -------  -------  ------- 
 

As Government restrictions have lifted, customer utilisation of our business centres has also increased, reaching 20% of pre-Covid levels by the end of March and increasing to 30% by the end of April.

Cash collection has continued to be robust despite the continued Government restrictions on rent collection measures, with 92% of rent due for the fourth quarter of 2020/21 now collected. The majority of our customers pay monthly and we have to date collected 84% of rent due for the first quarter of 2021/22, in line with the level of rents collected at the same point in previous quarters.

The Company will announce its final results for the year ended 31 March 2021 on 3 June 2021.

Commenting on the customer activity, Graham Clemett, Chief Executive Officer, said:

"It has become obvious that the pandemic is creating a new paradigm in the way people work.

As London's leading flexible office provider, it is great to see strong pick-up in new customer demand, confirming our attraction and relevance as the Capital reopens for business. We have a significant growth opportunity in providing our flexible offer to businesses who are looking for well-located space where they can create their own identity and build a home for their teams. The brand and marketing plans we are presenting today are hugely important in capturing this dynamic market demand from an ever wider range of businesses.

It is early days, but with increasing demand and a reduction in customers vacating, we are now seeing occupancy stabilise and anticipate a recovery in occupancy levels at our centres during the current financial year."

There will be no further trading or material financial information included in the presentation today. The presentation can be followed live at the following link: https://secure.emincote.com/client/workspace/workspace016

- ENDS -

For media and investor enquiries, please contact:

Workspace Group PLC

   Clare Marland, Head of Corporate Communications                                      07795 622392 

Finsbury Glover Hering

James Bradley 020 7251 3801

Chris Ryall

Notes to Editors

About Workspace Group PLC:

Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages some 4 million sq. ft. of business space in London. We are home to London's brightest businesses, including fast growing and established brands across a wide range of sectors. Workspace is geared towards helping businesses perform at their very best. We provide inspiring, flexible work spaces in dynamic London locations.

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 trademark of Workspace Group Plc, London, UK.

LEI: 2138003GUZRFIN3UT430

For more information on Workspace, please visit www.workspace.co.uk

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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May 06, 2021 02:00 ET (06:00 GMT)

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