Workspace Group (WKP) Q1 2026 TU earnings summary

Executive summary

• New strategy focuses on income-led growth and dividend enhancement, with accelerated transformation and targeted portfolio management.

• Immediate priority is stabilising and rebuilding occupancy, with pilot upgrades at key sites and targeted marketing initiatives showing early success.

• Disposals of non-core assets continue, with £15m completed and a further £15.4m exchanged for future completion.

Financial highlights

• 278 new lettings completed in the quarter, generating £7.1m in annual rental value.

• Like-for-like rent per sq. ft. stable at £47.42; like-for-like rent roll down 0.3% to £111.6m.

• Total rent roll decreased by 0.6% (£0.8m) since March 2025 to £138.6m.

Outlook and guidance

• Further decline in like-for-like occupancy expected in Q2 due to large customer vacating at The Centro Buildings.

• Ongoing initiatives to support retention and attract new customers, including local marketing and value-add services.