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Workspace Group Slips To H1 Loss; Sees Improvement In New Customer Demand

Workspace Group plc (WKP.L) reported Wednesday that its first-half loss before tax was 110.4 million pounds, compared to last year's profit of 99.1 million pounds. Loss per share was 60.8 pence, compared to profit of 54.5 pence per share last year.

Trading profit after interest was 15.3 million pounds, down 62 percent from last year's 40.1 million pounds.

Net rental income declined 39 percent to 36.5 million pounds from 60.1 million pounds a year ago.

The company reported increase in customers vacating and downsizing due to Covid-19.

Like-for-like occupancy declined 7.8 percent to 85.5 percent, and rent per sq. ft. reduced 3.3 percent to 40.61 pounds. Like-for-like rent roll was down 11.6 percent to 98.8 million pounds.

The company reported significant improvement in new customer demand under eased restrictions, reaching near pre-Covid levels in September.

In light of the current pandemic and the recent return to lockdown, the Board has decided to defer a decision on dividend payment until the full year.

Looking ahead, the company said its performance in the second half of the year will be driven by a combination of the reduction in income from customers that vacated during the first half, and existing customers downsizing and vacating in the second half of the year, sensitive to Government restrictions.

The results would also reflect new customer demand, although again sensitive to any Government policy restrictions.

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