Workspace Group PLC BUSINESS UPDATE (6955X)
06 Mayo 2021 - 1:00AM
UK Regulatory
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
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END
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