Workspace Group reported £235.7 million of pre-tax loss for fiscal 2021.

Workspace Group plc (LON: WKP) said on Thursday it concluded fiscal 2021 with a pre-tax loss as the ongoing Coronavirus pandemic weighed on its property valuation. The company, however, expressed confidence that signs of recovery were evident in customer activity in recent months.

Workspace shares opened more than 2% down in the stock market on Thursday. Including the price action, it is now exchanging hands at 889 pence per share. In comparison, the stock had started the year 2021 at a lower 751 pence per share.

Workspace Group’s revenue slides to £142.3 million in fiscal 2021

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Workspace Group reported £235.7 million of pre-tax loss for fiscal 2021. In the previous financial year, it had posted £72.5 million of profit before tax. The FTSE 250 listed company also blamed exceptional finance costs for its first full-year loss in twelve years. Workspace had registered £110 million of loss in fiscal H1.

Trading profit after interest, the real estate investment trust added, printed at £38.7 million that represents a year over year decline of 52%. Workspace Group’s full-year revenue slid to £142.3 million compared to £161.4 million in fiscal 2020 as its rental income took a hit due to the pandemic-related work-from-home situation.

The London-listed firm valued its property at £2.32 billion as of 31st March. On an underlying basis, the valuation translates to an annualised decline of 10%. According to Workspace, however, customer activity picked up in the fourth quarter, and the momentum has sustained into its new fiscal year to date as well.

In separate news from the United Kingdom, Chemring Group plc said its pre-tax profit and revenue rose in the fiscal first half.

Workspace declares 17.75 pence per share of a final dividend

The board announced 17.75 pence per share of a final dividend on Thursday versus 24.49 pence per share last year. Commenting on the financial update, CEO Graham Clemett said:

“This has been an incredibly challenging year for the entire country, and we have seen first-hand the impact of COVID-19 on many of our customers. The role of the office in our working lives is being re-examined, and all the signs highlight flexibility, quality and wellbeing becoming more important for businesses and their people.”

Workspace performed largely downbeat in the stock market last year, with an annual decline of more than 25%. At the time of writing, it has a market cap of £1.61 billion.

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