Workspace Group
WKP · Main Market · Real Estate · mcap £681m · 350.8p
Financials · balance sheet 30 Sep 25 · last twelve months · today’s market value
Source: results 19 Nov 25 ↗
- Market cap
- £675.9m
- Owner’s net cash
- −£821.1m
- Net cash / market cap
- -121%
- EV ex leases
- £1,497m
- Revenue
- £182.9m
- Operating profit
- −£42.9m
- Free cash flow after leases
- £69.8m
- FCF yield
- 10.3%
- Price / tangible book
- 0.48×
- Net income (owners)
- −£75.9m
Share price × shares in issue (from the company’s voting-rights notices)
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£821.1m − £0.0m − £0.0m − £0.0m = −£821.1m
Owner’s net cash ÷ Market cap−£821.1m ÷ £675.9m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£675.9m + £829.6m − £8.5m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £1,497m
Revenue, last twelve monthsLTM to 2025-09-30
Operating profit, last twelve monthsLTM to 2025-09-30
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£71.2m − £1.3m − £0.1m − £0.0m − £0.0m
Free cash flow after leases ÷ Market cap£69.8m ÷ £675.9m
Market cap ÷ Tangible book£675.9m ÷ £1,396m
Net income (owners), last twelve monthsLTM to 2025-09-30
Market value
- Market cap
- £675.9m
Share price × shares in issue (from the company’s voting-rights notices)
Cash and debt · balance sheet 2025-09-30
- Cash
- £8.5m
- Borrowings
- £829.6m
- Net cash / (debt) ex leases
- −£821.1m
- Lease liabilities
- £34.7m
- Owner’s net cash
- −£821.1m
- Net cash / market cap
- -121%
- Cash − total liabilities
- −£946.9m
Balance sheet 2025-09-30
Borrowings, current + Borrowings, non-current£0.0m + £829.6m
Cash − Borrowings£8.5m − £829.6m = −£821.1m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£0.0m + £34.7m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£821.1m − £0.0m − £0.0m − £0.0m = −£821.1m
Owner’s net cash ÷ Market cap−£821.1m ÷ £675.9m
Cash − Total liabilities (the strictest view: cash covers everything owed)£8.5m − £955.4m = −£946.9m
Last twelve months · LTM to 2025-09-30
- Revenue
- £182.9m
- Operating profit
- −£42.9m
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- −£75.9m
- Cash from operations
- £71.2m
- Free cash flow after leases
- £69.8m
Revenue, last twelve monthsLTM to 2025-09-30
Operating profit, last twelve monthsLTM to 2025-09-30
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsLTM to 2025-09-30
Cash from operations, last twelve monthsLTM to 2025-09-30
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£71.2m − £1.3m − £0.1m − £0.0m − £0.0m
Enterprise value
- EV ex leases
- £1,497m
- EV incl. leases
- £1,532m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£675.9m + £829.6m − £8.5m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £1,497m
EV ex leases + Lease liabilities£1,497m + £34.7m
Valuation at today’s market cap
- EV / EBIT
- –
- EV / EBITDA
- –
- FCF yield
- 10.3%
- Price / book
- 0.48×
- Tangible book
- £1,396m
- Price / tangible book
- 0.48×
- NCAV (net current asset value)
- –
- Price / NCAV
- –
- Net-net working capital
- −£924.0m
EV ex leases ÷ Operating profit (LTM)£1,497m ÷ −£42.9m
EV ex leases ÷ EBITDA (pre-IFRS 16)£1,497m ÷ –
Free cash flow after leases ÷ Market cap£69.8m ÷ £675.9m
Market cap ÷ Total equity£675.9m ÷ £1,396m
Total equity − Goodwill − Other intangibles£1,396m − £0.0m − £0.0m
Market cap ÷ Tangible book£675.9m ÷ £1,396m
Current assets − Total liabilities– − £955.4m
Market cap ÷ NCAV£675.9m ÷ –
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£8.5m + 0.75 × £30.5m + 0.5 × £0.0m − £955.4m
Returns and quality
- ROCE
- –
- ROE
- -5%
- Current ratio
- –
- Net debt / EBITDA
- –
- Accruals ratio
- -6.3%
Operating profit (LTM) ÷ (Total assets − Current liabilities)−£42.9m ÷ (£2,351m − £0.0m) = −£42.9m ÷ –
Net income (owners, LTM) ÷ Total equity−£75.9m ÷ £1,396m
Current assets ÷ Current liabilities– ÷ £0.0m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)£821.1m ÷ –
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(−£75.9m − £71.2m) ÷ £2,351m
H1 Sep 25 vs H1 Sep 24 · results 19 Nov 25 ↗
- Revenue
- £90.1m −2%
- Operating profit
- −£54.7m prior £25.6m
- Net income
- −£71.1m prior £10.2m
- Cash from operations
- £26.7m −17%
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Trading update 15 Jul 266 figures since the last report
Q1 occupancy and rent roll grew modestly; £12.6m assets sold with £200m+ more marketed.
| Stabilised Portfolio occupancy | 82.3% | 81.7% |
| Stabilised Portfolio rent roll | £110.2m | £108.1m |
| Total Portfolio occupancy | 79.8% | 79.5% |
| Total Portfolio rent roll | £128.0m | £127.3m |
| Assets sold in Q1 | £12.6m | |
| Cash and undrawn facilities | £260m |
As stated by the company, unaudited. Read it →
Latest report: H1 Sep 25 (six months to 30 Sep 25), published 19 Nov 25 · read the results ↗
| Unaudited 6 months ended 30 September 2025 £m | Unaudited 6 months ended 30 September 2024 £m | Audited Year ended 31 March 2025 £m | |
|---|---|---|---|
| Revenue | 90.1 | 92.4 | 185.2 |
| Direct costs 1 | (31.4) | (31.9) | (63.1) |
| Net rental income | 58.7 | 60.5 | 122.1 |
| Administrative expenses | (11.7) | (12.4) | (23.3) |
| Trading profit | 47.0 | 48.1 | 98.8 |
| Loss on disposal of investment properties 3(a) | (1.6) | (1.1) | (1.5) |
| Other expenses 3(b) | (4.5) | (1.1) | (3.6) |
| Change in fair value of investment properties | (95.3) | (20.0) | (55.9) |
| Impairment of assets held for sale | (0.3) | (0.3) | (0.4) |
| Operating (loss)/ profit | (54.7) | 25.6 | 37.4 |
| Finance costs | (16.4) | (15.4) | (32.0) |
| (Loss)/ profit before tax | (71.1) | 10.2 | 5.4 |
| Taxation | - | - | - |
| (Loss)/ profit for the period after tax | (71.1) | 10.2 | 5.4 |
| Basic (loss)/ earnings per share | (37.0)p | 5.3p | 2.8p |
| Diluted (loss)/ earnings per share | (37.0)p | 5.3p | 2.8p |
| Unaudited 30 September 2025 £m | Audited 31 March 2025 £m | Unaudited 30 September 2024 £m | |
|---|---|---|---|
| Non-current assets | |||
| Investment properties | 2,210.8 | 2,351.7 | 2,404.0 |
| Intangible assets | - | 1.1 | 2.2 |
| Property, plant and equipment | 2.8 | 3.4 | 2.9 |
| Other investments | 3.3 | 3.3 | 3.2 |
| Deferred tax | 0.3 | 0.3 | 0.3 |
| Total non-current assets | 2,217.2 | 2,359.8 | 2,412.6 |
| Current assets | |||
| Trade and other receivables | 30.5 | 32.8 | 37.2 |
| Assets held for sale | 95 .1 | 45.2 | 47.2 |
| Cash and cash equivalents | 8.5 | 32.7 | 9.0 |
| Total current assets | 134 .1 | 110.7 | 93.4 |
| Total assets | 2,351.3 | 2,470.5 | 2,506.0 |
| Current liabilities | |||
| Trade and other payables | (91.0) | (92.2) | (91.9) |
| Borrowings 13(a) | - | (79.9) | (79.9) |
| Derivative financial instruments 13(e) | (0.1) | (0.1) | - |
| Total current liabilities | (91.1) | (172.2) | (171.8) |
| Non-current liabilities | |||
| Borrowings 13(a) | (829.6) | (761.4) | (775.5) |
| Lease obligations | (34.7) | (34.7) | (34.7) |
| Derivative financial instruments 13(e) | - | - | (0.3) |
| Total non-current liabilities | (864.3) | (796.1) | (810.5) |
| Total liabilities | (955.4) | (968.3) | (982.3) |
| Net assets | 1,395.9 | 1,502.2 | 1,523.7 |
| Shareholders' equity | |||
| Share capital | 192.3 | 192.1 | 192.1 |
| Share premium | 295.6 | 295.6 | 295.5 |
| Investment in own shares | (0.2) | (0.3) | (9.6) |
| Other reserves | 70.3 | 71.2 | 91.0 |
| Retained earnings | 837.9 | 943.6 | 954.7 |
| Total shareholders' equity | 1,395.9 | 1,502.2 | 1,523.7 |
| Unaudited 6 month ended 30 September 2025 £m | Unaudited 6 months ended 30 September 2024 £m | Audited Year ended 31 March 2025 £m | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Cash generated from operations | 39.3 | 43.4 | 105.1 |
| Interest paid | (12.6) | (11.3) | (28.5) |
| Net cash inflow from operating activities | 26.7 | 32.1 | 76.6 |
| Cash flows from investing activities | |||
| Capital expenditure on investment properties | (32.0) | (28.0) | (58.9) |
| Proceeds from government grants | 0.6 | - | 0.7 |
| Proceeds from disposal of investment properties (net of sales costs) | 9.7 | - | 36.5 |
| Proceeds from disposal of assets held for sale (net of sale costs) | 16.5 | 29.4 | 40.4 |
| Purchase of intangible assets | - | (0.5) | (0.4) |
| Purchase of property, plant and equipment | (0.2) | (0.7) | (1.8) |
| Net cash (outflow)/inflow from investing activities | (5.4) | 0.2 | 16.5 |
| Cash flows from financing activities | |||
| Finance costs of new/amended borrowing facilities | (1.4) | - | (1.3) |
| Settlement of share schemes | (0.3) | (0.4) | (0.4) |
| Proceeds from disposal of own shares | - | 0.3 | - |
| Repayment of private placement | (80.0) | - | - |
| Repayment of bank borrowings | (89.8) | (89.2) | (355.5) |
| Draw down of bank borrowings | 158.8 | 89.0 | 341.5 |
| Dividends paid | (32.8) | (34.6) | (56.3) |
| Net cash outflow from financing activities | (45.5) | (34.9) | (72.0) |
| Net (decrease)/increase in cash and cash equivalents | (24.2) | (2.6) | 21.1 |
| Cash and cash equivalents at start of period | 32.7 | 11.6 | 11.6 |
| Cash and cash equivalents at end of period | 8.5 | 9.0 | 32.7 |
| LTM Sep 25 | FY Mar 25 | |
|---|---|---|
| Revenue to operating profit | ||
| Revenue | 182.9 | 185.2 |
| Operating profit | (42.9) | 37.4 |
| Operating profit to net income | ||
| Finance costs | (33.0) | (32.0) |
| Profit before tax | (75.9) | 5.4 |
| Net income (owners) | (75.9) | 5.4 |
| Per share | ||
| EPS basic | (39.5p) | 2.8p |
| EPS diluted | (39.5p) | 2.8p |
| H1 Sep 25 | vs H1 Sep 24 | H2 Mar 25 | H1 Sep 24 | |
|---|---|---|---|---|
| Revenue to operating profit | ||||
| Revenue | 90.1 | −2% | 92.8 | 92.4 |
| Operating profit | (54.7) | n/m | 11.8 | 25.6 |
| Operating profit to net income | ||||
| Finance costs | (16.4) | +6% | (16.6) | (15.4) |
| Profit before tax | (71.1) | n/m | (4.8) | 10.2 |
| Net income (owners) | (71.1) | n/m | (4.8) | 10.2 |
| Per share | ||||
| EPS basic | (37.0p) | – | (2.5p) | 5.3p |
| EPS diluted | (37.0p) | – | (2.5p) | 5.3p |
| LTM Sep 25 | FY Mar 25 | |
|---|---|---|
| Operating activities | ||
| Cash from operations | 71.2 | 76.6 |
| Interest paid | (29.8) | (28.5) |
| Investing activities | ||
| Capex (PP&E) | (1.3) | (1.8) |
| Capex (intangibles) | 0.1 | (0.4) |
| Financing activities | ||
| Dividends paid | (54.5) | (56.3) |
| 30 Sep 25 | 31 Mar 25 | |
|---|---|---|
| Non-current assets | ||
| Property, plant & equipment | 2.8 | 3.4 |
| Investment property | 2,210.8 | 2,351.7 |
| Other investments | 3.3 | 3.3 |
| Current assets | ||
| Trade receivables | 30.5 | 32.8 |
| Cash | 8.5 | 32.7 |
| Total assets | 2,351.3 | 2,470.5 |
| Current liabilities | ||
| Trade payables | 91.0 | 92.2 |
| Borrowings, current | 0.0 | 79.9 |
| Non-current liabilities | ||
| Borrowings, non-current | 829.6 | 761.4 |
| Lease liabilities, non-current | 34.7 | 34.7 |
| Total liabilities | 955.4 | 968.3 |
| Equity | ||
| Total equity | 1,395.9 | 1,502.2 |
| 30 Sep 25 | 31 Mar 25 | 30 Sep 24 | |
|---|---|---|---|
| Non-current assets | |||
| Property, plant & equipment | 2.8 | 3.4 | 2.9 |
| Investment property | 2,210.8 | 2,351.7 | 2,404.0 |
| Other investments | 3.3 | 3.3 | 3.2 |
| Current assets | |||
| Trade receivables | 30.5 | 32.8 | 37.2 |
| Cash | 8.5 | 32.7 | 9.0 |
| Total assets | 2,351.3 | 2,470.5 | 2,506.0 |
| Current liabilities | |||
| Trade payables | 91.0 | 92.2 | 91.9 |
| Borrowings, current | 0.0 | 79.9 | 79.9 |
| Non-current liabilities | |||
| Borrowings, non-current | 829.6 | 761.4 | 775.5 |
| Lease liabilities, non-current | 34.7 | 34.7 | 34.7 |
| Total liabilities | 955.4 | 968.3 | 982.3 |
| Equity | |||
| Total equity | 1,395.9 | 1,502.2 | 1,523.7 |
Read automatically from each results announcement. Check the source before relying on a figure.
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Company filings. Not investment advice.