StockMarketWire.com - Office space provider Workspace Group reported an increase in customer demand and lettings in the first quarter of 2019 compared with those seen a year earlier.

In the first quarter of 2019, enquiries averaged 1,060 per month, compared with 1,021 in 2018, while lettings stood at 121 per month, up from 2018's 88.

The company added that it had completed two new buildings, in Hoxton and Clerkenwell, in the quarter, in addition to an extension and refurbishment in Chiswick.

It said it expected to complete another three refurbishment projects during the remainder of the current financial year, which would provide a further 104,000 sq. ft. of new and upgraded space.

Workspace reduced its net debt by £6m in the quarter to £574m, with cash balances and undrawn facilities of £134m as at 30 June 2019.

Meanwhile, its pro forma loan-to-value ratio as at 30 June 2019, based on the 31 March 2019 property valuation stood at 22%, flat with the previous quarter's close.

"It has been a busy and successful quarter for the Company. Our distinctive flexible offer continues to attract strong demand from a broad range of customers, despite the challenging economic environment. Our completed projects are letting up well and we are progressing at pace with the delivery of our project pipeline. Alongside this we remain well positioned to take advantage of acquisition opportunities but remain rigorous on our return criteria," said Graham Clemett, Interim Chief Executive Officer.

Clemett took up the role of interim CEO following the resignation of CEO Jamie Hopkins in May. The company said the search for a permanent successor was "progressing well".






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