Workspace expects annual trading profit in line with consensus
Workspace Group PLC on Friday said it expects to report that it performed in line with the consensus in the financial year that ended in late March.
The London-based provider of flexible workspace said trading profit is expected to be in line with consensus, with a marginal fall in valuation due to a fall in estimated rental value per square feet and a fall in occupancy.
Workspace shares fell 10% to 407.50 pence each on Friday morning in London.
The company said it will release its full-year results and a strategy update on June 5.
In the update, it will outline its plan to drive a recovery in occupancy and income growth in the medium term, the firm said.
It added: ‘We will also demonstrate how we will deliver longer-term shareholder value through a strategy anchored in operational excellence. This disciplined approach will drive enhancements to the platform, investment in our product and more targeted marketing initiatives to support customer growth and increase our market share. The board is confident that Workspace has the right strategy to drive growth in an exciting small & medium enterprises market.’
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