July 9, 2020 / 6:49 AM / a month ago

BRIEF-Workspace Group Says Customer Inquiries In June Improved From April

July 9 (Reuters) - Workspace Group PLC:

* WORKSPACE - CUSTOMER DEMAND IMPROVED THROUGH QUARTER WITH ENQUIRIES IN JUNE AT 765, UP FROM 272 IN APRIL

* WORKSPACE - CASH COLLECTION OF RENT DUE FOR Q1 NOW AT 75%, NET OF RENT REDUCTIONS AND DEFERRALS

* WORKSPACE - 50% RENT REDUCTION OFFERED TO BUSINESS CENTRE CUSTOMERS ENDED AT END OF JUNE 2020

* WORKSPACE - RECEIVED 65% OF RENTS DUE FOR Q2(1) TO DATE, THIS COMPARES TO C.80% AT EQUIVALENT TIME LAST YEAR

* WORKSPACE - CUSTOMERS SLOWLY RETURNING TO OUR BUSINESS CENTRES, WITH ACTIVITY NOW AT AROUND 15% OF USUAL LEVELS

* WORKSPACE - PRO FORMA LTV OF 21% AT 30 JUNE 2020, BASED ON MARCH 2020 VALUATION, WITH CASH AND UNDRAWN FACILITIES OF £161M

* WORKSPACE - EXPECT TO COMPLETE ANOTHER THREE PROJECTS DURING REMAINDER OF CURRENT FINANCIAL YEAR

* WORKSPACE - IN JUNE 2020, WE OPENED TWO NEW BUSINESS CENTRES

* WORKSPACE - NET DEBT INCREASED BY £5M IN QUARTER TO £546M, WITH CASH BALANCES AND UNDRAWN FACILITIES OF £161M AS AT 30 JUNE 2020 Source text for Eikon: Further company coverage:

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