Workspace Group PLC (LSE:WKP) said it swung into a pretax profit for fiscal 2022 as demand returned to pre-pandemic levels.
Pretax profit at the office rental company was £124.0mln compared to a pretax loss of £235.7mln in 2021. Revenue was lower at £132.9mln compared to £142.3mln.
The board recommended a total dividend of 21.5p per share compared to 17.75p previously, "reflecting the strong financial performance" and confidence in the outlook.
Like-for-like occupancy was up 7.8% to 89.6% and like-for-like rent roll increased 8.7% to £92.9mln.
"Looking ahead, the positive momentum of our recovering occupancy, strong customer demand and improving pricing are tempered, near-term, by wider concerns around the economy. We have not yet seen any impact on customer activity, but we are monitoring this closely," said Graham Clemett, chief executive.
Though a potential recession, high inflationary pressures, and a challenging economic environment are among the concerns the company is considering in the coming year, it said it is well-positioned to "deliver superior shareholder returns".