StockMarketWire.com - Office property investor Workspace Group upped its dividend 20% after its adjusted annual profits rose, though its bottom line result was weakened by a softer uplift in property valuations and lower asset sales profits.

Pre-tax profit for the year through March fell 19% to £137.3m, down from 170.4m on-year.

Trading profit after interest, however, rose 19% to £72.4m, as rental income rose 16% to £111.0m.

Workspace declared a full-year dividend of 32.87p per share, up 20% on-year.

'Focus on the flexible space market is growing, with interest from an increasing range of companies,' chief executive Graham Clemett said.

'Our strong performance is testament to the fact that our differentiated model continues to appeal.'

'We provide inspiring, well connected buildings and an offering that gives customers flexibility both in terms of lease length and how they use their space.'

'While businesses are inevitably cautious in light of the continuing political uncertainty, we are still seeing good customer demand for space.'

'We believe our distinctive approach to the flexible office market is the right one and will continue to deliver value for shareholders.'

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