London-based office specialist Workspace PLC (LON:WKP) is getting a boost from increasing demand for flexible working
A 10% half-year dividend hike underlined its confidence as net assets over the half-year to September rose 2.2% to £2.7bn.
The FTSE 250-member is seeing “strong customer demand” with enquiries rising to an average of 1,109 per month and monthly lettings up 38% to 127.
New chief executive Graham Clement added an increasing number of occupiers are looking for flexibility in their office space.
Workspace has a portfolio of 32 properties and roughly 4mln sq ft of letting space.
Net asset value per share rose 2.7% to £11.15, while the interim dividend rises to 11.67p.
Broker Liberum slapped a ‘buy’ rating on the stock, with a target price of 1,225p, saying that “occupational trends continue to evolve towards Workspace’s flexible offering”.
Peel Hunt also chimed in, upping its target price to 1100p, and adding that Workspace “appears to be on track for a 10% total return for 2019/20 – the highest of the London REITs”.
Shares rose to 2p to 1,090p.