Shares in small-business landlord Workspace (WKP.L) gain 1.7 percent after the company posts full-year results, which prompt Panmure Gordon to repeat its “buy” rating on the stock.
Workspace reports a pretax loss of 360.4 million pounds for the year ended March, compared with a loss of 37 million pounds a year earlier.
Panmure, in a note, describes Workspace’s results as “encouraging”, saying they met its forecasts, and that it is maintaining its 2010 forecasts for the group.
The broker says despite the challenging nature of property markets in recent times, the company continues to see resilience in both demand and the cash rent-roll.
“Furthermore, with the business significantly de-risked following the rights issue, debt-restructuring and ongoing disposal programme, we see good potential upside for the business when the London property market turns,” says Panmure.
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