In one of the most challenging years in our history, our purpose and values have driven our actions and decisions.

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Annual Report and Accounts 2021
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2020/21 Summary

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AN UNPRECEDENTED YEAR

Our financial performance has been impacted by the £20m of rent discounts we offered customers and a fall in occupancy, while customer activity was significantly lower for much of the year due to lockdowns.

With a spotlight on ways of working like never before, our business model and strategy are ideally suited to the future of work.

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A CLEAR MARKET LEADER IN A CHANGING WORLD

With London shut down for much of the year, our business has been tested and has proven remarkably resilient. The world is changing fast for office space providers. Companies want to create the best possible working environment for their employees and recognise the value of having their own space in which to do that.

We have an exciting and significant opportunity to be the clear market leader in this changing world.

Financial

£m Net rental income
£m Trading profit after interest
£bn Property valuation
£ NTA per share
p Dividend per share

Operational

Average enquiries per month
Average lettings per month
% Like-for-like occupancy
£m Like-for-like rent roll
% Rent collection

ESG

Net zero carbon by 2030
£m Raised in green bond issuance
% Renewable electricity sourced
% Rent reduction offered to customers in Q1 20/21
£k Donated to Single Homeless Project

As London reopens, our brand campaign reminds businesses of the benefits of working from work, #WFW.

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BRAND CAMPAIGN

Workspace’s brand positioning has not historically highlighted its leading position and scale. Now is the time to change that. Never before has our flexible offer been more relevant. Our new campaign reflects our brand personality and more clearly positions Workspace in the market. Bold and visible advertising showcases our offer and our customers, highlighting to businesses that working from work is better with Workspace.

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Our business model

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What we do

We are the leading provider of flexible office space in London, providing inspiring spaces to over 3,000 businesses and around 50,000 individuals.

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How we deliver value

We drive capital appreciation and rental growth thanks to our expertise in urban regeneration in London, active asset management and a focus on customer experience.

Stakeholders

Successful, sustainable companies understand the needs of their stakeholders and the most effective way to engage with them.

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Customer proposition

We provide SMEs with blank canvas spaces within unique and inspiring buildings in dynamic London locations. Our customers build their own identity and culture, but crucially our flexible lease terms allow their space requirements to evolve.

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Unique portfolio

Our high-quality properties are wholly London-based. We hold them for long-term income generation and our ownership model gives us the flexibility to enhance the quality of space and expand our footprint through refurbishments and redevelopments.

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Operating platform

We have a proprietary and sophisticated in-house platform to manage our interactions with customers. It provides valuable data and insight to support decision-making across the business.

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Talented people

Our employees are central to our success. We are driven by a diverse, vibrant and inclusive culture, which focuses on customer experience. This dynamic culture helps attract and retain people who align with our values and have a broad range of skills, experience and backgrounds.

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Prudent financing

We prudently manage our balance sheet and maintain low levels of gearing. We are focused on generating sustainable, long-term income, which we then reinvest in enhancing the portfolio and return to shareholders via the dividend.

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Sustainability

Creating attractive, sustainable environments is integral to our business. Successful regeneration of London requires high-quality, energy-efficient buildings and vibrant communities that appeal to our customers, their employees and to local residents and businesses.

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Our strategy

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Creating value for our customers, our shareholders and our communities.

Our purpose

Our purpose is to give businesses the freedom to grow because we believe that in the right space, teams can achieve more. Now more than ever we are able to offer the right space and support for customers by creating the communities and environments their teams need to thrive.

We have rearticulated our strategy

The fundamental objective of our strategy remains consistent: to nurture employment-led regeneration of London through inspiring, flexible work space. Our strategy to achieve this has evolved to focus on our unparalleled customer offer, strong operational leadership and driving forward our ESG agenda.

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Driving customer-led growth…
  • Cement our position as home to London’s brightest businesses
  • Continually enhance customer experience
  • Leading in London’s flexible office market
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…on a foundation of operational excellence…
  • Active portfolio management
  • Efficient, scalable operating platform
  • Prudent financing and strict investment criteria
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…whilst always doing the right thing
  • Driving employment-led regeneration
  • Creating sustainable environments
  • Maintaining an empowered, diverse workforce connected to its communities
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Doing the right thing

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Driving forward our Environmental, Social and Governance agenda is a top priority for Workspace. As a long-term owner of historic properties across the city, we play a key role in the employment-led regeneration of areas all over London. We take seriously our responsibility to positively impact local communities, while reducing our impact on the environment.

Approach

ESG has become increasingly important to our stakeholders, particularly customers, investors and employees. In order to attract London’s brightest businesses, we aim to exceed their ESG expectations and ensure our service can provide them with the tools to manage their own environmental and social impact.

To achieve this, ESG considerations are embedded in all stages of our properties’ lifecycle and business-wide strategic decisions. Our ESG strategy covers development practices, operational emissions and our social impact. It enables us to operate responsibly in our dealings with all stakeholders and reinforces our commitment to the sustainable long-term growth of our business and to the employment-led regeneration of London.

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Climate change mitigation and resilience

Climate change mitigation is a cornerstone of our ESG strategy. In recent years, we have made significant progress, notably with a 28% decrease in greenhouse gas emissions in 2019/20, compared to our original 2012/13 baseline. We are now taking our climate ambitions one step further, with our net zero carbon strategy.

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Looking after our people

Supporting our employees, customers and suppliers has been a key priority during these uncertain times. From ensuring our centres remained Covid-safe, to offering a 50% rent reduction to all customers for three months at the start of the pandemic, and hosting wellbeing webinars for employees and customers, we have worked hard to look after our people over the last year.

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Inspiring the next generation and supporting our communities

Building communities and improving our neighbourhoods through our focus on employment-led regeneration of London over the long term is an important part of our business strategy. In addition to the ESG Committee, we have a Charity & Social Committee, which oversees fundraising, volunteering and social activities for employees and customers.

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Governance

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Committed to maintaining effective corporate governance and integrity

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I have been proud of the loyalty and commitment of our people this year and how all our teams at Workspace have demonstrated strong adherence to our values during these difficult market conditions. Maintaining good governance and operating under a clear purpose are more important than ever in challenging times and I believe Workspace will come out of this crisis stronger than ever.

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Stephen Hubbard Non-Executive Chairman
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Key Board Decisions

The major decisions taken by the Board and its Committees during the year included:

  • Approved the offering of a 50% rent reduction to the Group’s customers who had been affected by Government restrictions related to Covid-19
  • Confirmed the Board’s target to become net zero carbon by 2030 and approved the strategy.
  • Approved the issuance of a £300m green bond for a term of seven years
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…on a foundation of operational excellence…
Key Governance activities

The Board’s key governance activities during the year have included:

  • Appointment of two new Non-Executive Directors
  • External evaluation of the Board, its Committees and individual Directors
  • The creation of a Risk Committee
  • Appointing Stephen Hubbard as the Non-Executive Director responsible for employee engagement
  • A review of the executive remuneration framework and new Remuneration Policy presented to shareholders at the AGM in July 2020
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