Chief Executive's
Statement
Q&A - A strategy to grow further and faster.
Jamie Hopkins
Chief Executive
Download
2012 Annual Report and Accounts
(PDF 9.6 MB)
Download
2012 Property Portfolio
(PDF 1.7 MB)
Related information
Our strategy
How we generate value
Principal business risks
Corporate Social Responsibility
(PDF 106 KB)
Despite a tough environment throughout the year, Workspace has reported a solid set of results in all of its operations, reflecting a strategy that continues to be effective in growing core operational income and the capital value of our assets.
We benefit naturally from having our business in London, focusing all our energies on the new and growing companies that are at the heart of the capital's economy, providing them with the investment in relevant buildings, improvements and services that they need. Understanding what helps them to be successful lies at the core of what we do and has led to our own growth.
During the last year new customer enquiries, lettings and rent all increased helping to drive up profits and allowing us to increase the dividend. But beyond this we saw the underlying valuation of our assets improve as the effects of our attention to building improvements and developments have filtered through.
We also grew our portfolio, making use of our joint venture with BlackRock and the proceeds from our recent Rights Issue to acquire, reposition and redevelop properties with great potential.
All of this paints a picture of a business with a clear understanding of its customers and environment and one that is investing in a long-term strategy that is producing results for all of its stakeholders. This year's earnings are a fundamental endorsement of that approach.
As the recently-appointed Chief Executive I will be focused on ensuring that this trajectory is maintained. We are absolutely on the right course but we remain fully aware of the changeable external environment. Workspace is a company with an ability to grow further and faster, with a strong management team and a talent pool of expertise that can move quickly on the opportunities we see.
I have already met many of our stakeholders and there are a number of recurring questions about how I see the Company and what will characterise my leadership.
Q How do you see Workspace's strategy and what changes will you be making to it?
Our strategy is the right one – we own properties our customers like and we manage them intensively to drive value. We reposition and redevelop buildings to improve rental streams and asset values. We ensure we keep our understanding of customers current, and that we do the right thing and limit our environmental impact. So, no change to the strategy, just a renewal of our energy and focus to drive it.
Q What challenges do you see and where are the risks?
Like any business, we face a multitude of challenges and risks – operational, environmental, economic and reputational. We take time to analyse and understand them and put in place processes and plans to mitigate them. As long as we stay relevant to our customers and intensely focused on our activities, we should be in good shape to address every challenge.
Q Do you have the right team to grow the business?
We have an immensely experienced group of leaders and talented individuals throughout the Company, all of whom understand our properties and customers. Everyone is very focused: whether it is bringing our core competencies in customer service and letting into play, tightly controlling costs or visualising a new project, the team's capabilities are unmatched.
Q How do you view your wider social and environmental responsibilities?
Improving the social and environmental impact of the Company are core responsibilities and part of what we do every day. Having safe and sustainable operations makes sense for us, our customers and our local communities. We are all proud of what we already do to limit carbon emissions and waste and as we grow our footprint we will always act responsibly, doing the right thing by any measure possible.
Q What are your priorities for 2012/13?
We have the right strategy and the right team, so from my perspective I will be making sure that we align our resources not only with today's business but also with the many opportunities and new initiatives that we and our customers will generate. I want to keep us energised and alive to potential areas of growth; acting quickly and with purpose to exploit them. By doing that we will ensure that operating income continues to grow and that our assets grow in value. Already we are working on some very exciting new initiatives.
Jamie Hopkins
Chief Executive