Workspace Share Discussion Threads

[ards] 15/11/2010 07:44

looks like a healthy although unspectacular statement. strong demand, increase in profit, nav and divi, lower debt.

[brando69] 15/11/2010 07:42

i can't see anything not to like here:

Highlights for the six months ended 30 September 2010:

Occupancy and Rent Roll

� Good level of demand for space with like-for-like occupancy increasing to
85.6% (March 2010: 83.9%).

� Total occupancy including refurbishment and development properties 83.2%,
up from 81.9% at March 2010.

� Like-for-like cash rent roll up 1.3% (GBP0.5m).


Financial Performance

� Net Rental Income up 4.1% to GBP22.9m (September 2009: GBP22.0m).

� Trading profit after interest up 32% to GBP6.6m (September 2009: GBP5.0m)

� GBP4m from disposals in the six months, with conditional contracts
exchanged on a further GBP18m of disposals at a significant surplus (GBP4m) to
the September 2010 valuation.

� Profit before tax GBP18.0m (September 2009: GBP39.3m loss).

� Underlying property valuation up 2.0% to GBP732m in the six months.

� EPRA Net Asset Value per share 28p (March 2010: 27p).

� Refinance of the former GE debt facility completed and average cost of debt
reduced to 5.6% from 6.7% in 2009/10.


Dividend policy

� Interim Dividend per share increased by 10% to 0.275p (September 2009:
0.25p).

Outlook

Commenting on the results, Harry Platt, Chief Executive said:

"We continue to benefit from the recovery in London's economy, and its small
businesses. With over 20 lettings a week Workspace's occupancy has been growing
for the last 18 months, whilst pricing has been firm for the last six months.
We remain focused on both improving our operating metrics, and on realising
value from the undoubted potential in our portfolio"

[purplebox] 15/11/2010 07:12

Interim results released:



Profits up - interim dividend increased by 10% to 0.275p.

NAV now 28.0p.

[brando69] 14/11/2010 21:08

there was a bit of hefty selling at the bell - i guess some folk just don't want to be holding when news comes

[ards] 12/11/2010 19:33

wouldnt this be nice

Workspace Group PLC ("Workspace"), the leading provider of flexible business
accommodation to small and medium sized enterprises ("SMEs") in London and the
South East today announces its financial results for the third quarter and nine
months to 31 December 2005.

Highlights:

* Net Asset Value (NAV) per share at 31 December 2005 #2.10, up 18.6% over
the nine months and up 22.8% over twelve months (31 March 2005: #1.77; 31
December 2004 #1.71).
* NAV per share (under former UKGAAP) at 31 December 2005 #2.71, up 21.0%
over the nine months and up 35.5% over twelve months (31 March 2005: #2.24; 31
December 2004: #2.00).
* Valuation surplus for nine month period, #74.1m (2004: #55.4m).
* Pre-tax profits #83.6m (2004: #66.3m).
* Pre-tax profits on trading operations #10.7m (2004: #10.8m).
* Basic earnings per share 35.8p (2004: 29.0p).
* Acquisitions of #95.7m and disposals of #47.6m either under contract or
completed over nine months.
* Contracts exchanged for redevelopment of Wharf Road.

[purplebox] 12/11/2010 17:31

Closed at 24.0p - unchanged.

Interim results released on Monday at 7:00AM.

Anybody got some predictions regarding the revised NAV figure...

[purplebox] 11/11/2010 17:58

Closed at 24.0p.

LAND revised it's NAV upwards by 6.7% in it's interims released this morning.

[brando69] 09/11/2010 16:32

decent volume today

decent consolidation

primed

[osirisra] 09/11/2010 16:17

T', thanks for the vote of confidence and good luck.
Osi'.

[thorpematt] 09/11/2010 11:13

Osi, many thanks for that excellent and detailed summary. TBH I asked because the AFR thread is chock full of people who are in love with the share (which means a failure to be objective). As I am familiar with your posts I can take them in context.

Apologies for OT all. Finally looking quite good here, I sense it's the economic outlook and not the fundamentals for WKP that are driving it

[osirisra] 09/11/2010 08:30

Sorry OT everyone but there isn't really any WKP news about.

Purple, good stuff over at PTR. Not going away until 23rd, great, I'll look in the diary, any particular dates in early DEC? As you know I do shifts so it doesn't need to be a weekend.

THORPEMATT, AFR, yes I'm in up to my eyeballs. The attack is a set back but does seem to be a minor blip.
The rig that was attacked has just finished appraisal drilling at an offshore field called Okwok. Appraisal, ie they have already proved there is oil there and they have release prelim news but nothing major. The drill results are currently being pawed over and will be release any day soon. Off the top of my head I believe their previous advice was 225m STOIIP, 32% recoverable, 70m barrels recoverable. Any upgrade from those figures will obviously give things a kick. AFR own 56% of Okwok and Okwok has the potential to be twice the size of another field called Ebok which is just a handful of km's away..

The Ebok field is further down the developed road. The pumping rig (MOPU) is enroute to site as is an FSO. An FSO is a floating Storage and Offload vessel ie an oil tanker. The MOPU and FSO willbe on site and producing just before the turn of the year.
AFR currently produce around 18kbopd from a few smallish fields but Ebok will kick production up to 50kbopd. Granted AFR only own 50% of Ebok and 56% of Okwok but you can see that these two fields will transform AFR's output.

AFR also own 45% of a company called First Hydocarbon Nigeria which was set up specifically to purchase fields from multinationals that have had a rough ride in Nigeria. First deal just a week or so ago bought 45% of a field for FHN. The long and the short if it is that it was a steal. AFr's oil production from that purchase is set to rise from 1200bopd now to 10kbopd in two years.

About 5months ago AFR also bought a company called Black Marlin that owns licences over huge tracks of ocean off of the East coast of Africa. Afr have said that they do not need to borrow any cash to fund an aggressive drilling campaign here as they are going to use the West coast revenue to fund it.

Other stuff as well such as trying to get a farm in partner for a area that could turn out to be a huge field called Keta that is in the same area as the Jubilee field.

Sorry if I have bunged up the WKP board but as you can see I'm not a blantant ramper cruising boards for a quick spike. I've been following AFR for 4 years and am very excited about the fact that a lot of their plans are coming together over the next year or so.

As always though, do your own research and I would recommend the ADVFN AFR thread as there are some (not all) well informed posters on their.
Osi'.

[thorpematt] 08/11/2010 22:16

Osi, Are you in Afren? It's on my shortlist - still researching etc. I'd be interested in your view if so.

I thought today it would really tank but TBH we saw just a small dip, which augers well for future.

[brando69] 08/11/2010 21:00

property sector in general dragged down today unsurprisingly.

bit of blue tomorrow and we should go to 24.5 and beyond methinks

[purplebox] 08/11/2010 19:20

Closed at 24.0p - on the mark again Brando!

The commercial property sector had a down day - but is anybody into Silver...

...more specifically Mexican Silver - AGQ and MIO were flying :-).

[brando69] 08/11/2010 12:46

expecting a close at 24 or maybe even 24.25. then up to 25 this week. let's see if it plays out to script

[brando69] 08/11/2010 12:39

suspect this will be last chance to get in sub 24

[bluedaytrader] 08/11/2010 07:58

fun about to start at twl

[brando69] 07/11/2010 21:09

golden cross here...

[purplebox] 07/11/2010 20:04

Hi Osi - so now your checking up on me ;-)

Yes - WKP, AFR, PTR etc all good at present.

Need to generate some cash as I'm off back to New Zealand for a month over XMAS and I've just looked at the NZD/Sterling rates... horrible...

Perhaps we could meet up for another drink before then - could try my local in Saffron Walden this time - along with anybody else who is interested...

so Stocka - don't say you weren't invited this time.

[osirisra] 07/11/2010 19:39

Purple, saw you in Walden this morning, was going to stop and ssay Hi but had a car full of kids and was running late. It's all good at the moment Purple, WKP, PTR, AFR.
Looks like it's going to be a happy Christmas.
Osi'.

[a shot in the dark] 05/11/2010 17:35

mmmmm nice indeed.

@¿@

[purplebox] 05/11/2010 17:22

Closed at 24.5p - nice.

brando69 - 4 Nov'10 - 20:30 - 6968 of 6978

i'm expecting to see 24.5 tomorrow

Spot on!