StockMarketWire.com - Strong customer demand in the third quarter saw Workspace Group's net debt fall by £46m, according to its latest business update.

During the third quarter period, enquiries averaged 1,001 per month, up from 907 in the same quarter in 2018/19.

Lettings averaged 113 per month, compared with 98 in the third quarter of 2018/19.

In November 2019, Workspace exchanged contracts for the disposal of Quality Court, off Chancery Lane in Holborn, for £15.8m, at a 3% premium to the 30 September 2019 valuation, a net initial yield of 4.3% and a capital value of £930 per sq. ft. Completion is expected in January 2020.

Workspace also launched a new 55,000 sq. ft. business centre in Hackney, which is expected to be completed in March 2020.

Graham Clemett, chief executive officer at Workspace Group PLC, said: "This was a very encouraging third quarter for the Company. Despite the uncertainty around the general election and the usual seasonal impact, enquiries and lettings were strong. Customer demand in the first few weeks of the new year suggest that increased political certainty following the election result has buoyed business confidence.

"Our completed projects are letting up well with a robust pipeline of project activity. We continue to monitor acquisition opportunities while remaining disciplined in our return criteria. We look forward to delivering continued progress for the full year in line with expectations."




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