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Workspace Group registers £110m loss amid rent discounts and deferrals
StockMarketWire.com
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Real estate investment trust Workspace Group made a loss of £110 million in the first half of its financial year.
The loss before tax for the six months to the end of September 2020 compared to a profit of £99 million in the same period in 2019.
Net rental income for the period dropped to £36.5 million, down 39% on the same period last year. The company said this reflected rental discounts of £19.9 million granted to customers.
The total property portfolio valuation, conducted by CBRE, was £2.45 billion as of 30 September, down less than 5% on the same time in 2019.
While Workspace Group acknowledged there had been an increase in customers vacating and downsizing due to Covid-19, with like-for-like occupancy falling by 7.8% to 85.5%, it highlighted several positive signs since the first lockdown had been eased.
These included strong levels of rent collection, with 95% of rents due for the first half received as at 2 November 2020, net of discounts and deferrals.
The company also noted 'significant improvement' in new customer demand, reaching near pre-Covid levels in September.
At 8:04am: (LON:WKP) Workspace Group PLC share price was +11.75p at 767.75p
Story provided by StockMarketWire.com
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