Workspace, the flexible business space provider, posted a pre-tax loss of £360.4m for the full year, but said there was still demand among its core tenants in the smaller businesses sector.
The property landlord reported an 88% fall in net asset value per share to 27p for the year to 31 March, following a drop in value of its property portfolio of 33% to £662m as well as an £87m rights issue this year. The company made a pre-tax loss of £360.4m because of the revaluation, compared with a loss of £37m in 2008.
Workspace said it was positioning itself for a recovery in the property market having secured its balance sheet through the cash call.
Financial Times, The Times