Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Workspace has reported a pre-tax loss of £235.7 million for the 12 months to the end of March, largely a result of the impact of the Covid-19 pandemic.
Trading profit after interest was down 52% to £38.7 million, driven by a £40.5 million decrease in net rental income to £81.5 million. This includes the £19.9 million rent discount given to customers.
The company's property is valued at £2.3 billion, down 10% on 31 March 2020 as a result of a fall in tangible rental values. Property yields are stable, the company said.
In March 2021, Workspace issued a £300 million Green Bond with a seven-year term and interest rate of 2.25% per annum.
The company has announced a total dividend of 17.75p, down on the 36.16p in 2020.
Graham Clemett, Workspace CEO, said: 'We are seeing encouraging signs of recovery in customer demand and we have a lot to be optimistic about in the next year and beyond. We see significant opportunities for organic and inorganic growth as the economy comes back to life, whilst delivering on our commitment to becoming a net zero carbon business by 2030, and continuing to drive employment-led regeneration across the capital.
'After an incredibly challenging year, we are confident that our customer-focused strategy will enable us to take a leadership position and seize the significant market opportunity in front of us.'