Flexible office provider Workspace has posted a growth in pre-tax profit to £10.2m in its opening half results.

The company had recorded a £147.5m loss in the same period, covering the six months to 30 September, last year.

Workspace, which provides sustainable and flexible offices across London for businesses to work from, said it had seen “good customer demand” in H1 with 603 lettings completed in the six months with a total rental value of £15.8m. The firm said this highlighted the appeal of its flexible offer.

The company’s net rental income was up by 4.3% to £60.2m in the period, while it also announced a 4.4% jump in its interim dividend, to 9.4p per share.

This was despite the flexible office provider overseeing a small decline in occupancies, as its like-for-like occupancy rate slipped by by 0.7% in the half-year to 87.5%.

“Today’s results, reflecting good customer demand and continued pricing growth, demonstrate the enduring appeal of the Workspace offer for these businesses,” Workspace CEO, Lawrence Hutchings, said.

“Workspace is well positioned for further success as we continue to capture demand and, over the medium term, look to increase our share of London’s growing SME market. This is an exciting time for the business, and I am delighted to be here as Workspace’s new CEO to build on the great legacy left by my predecessor Graham and drive the continued evolution of the business.”

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