StockMarketWire.com - Flexible office provider Workspace Group booked an 18% fall in first-half profit, as higher rental income was offset by a lower property valuations gains and reduced profits from asset sales.

Pre-tax profit for the six months through September fell to £101.6m, even as net rental income rose 17% to £54.1m.

Adjusted trading profit after interest, which stripped out asset sales and valuation changes, rose 20% to £35.4m.

Workspace declared an interim dividend of 10.61p, up 20% on-year.

'We have been extremely active across our portfolio during the first half of the year and I am encouraged by the good like-for-like performance, alongside delivery of our project pipeline and the acquisition and integration of some exciting new properties,' chief executive Jamie Hopkins said.

'Despite the uncertain political and economic environment, we believe that we have the right strategy - owning and actively managing our assets alongside building direct relationships with customers - and a strong balance sheet to take advantage of opportunities and deliver value for shareholders.'

'The 20% increase in the interim dividend we've announced today is a reflection of the strong growth in trading profit and our outlook for the future.'





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