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Commercial Property News
Serviced Office Group increase income 41% in H1
Serviced Office Group, an AIM-Listed provider of flexible office space, which currently operates mostly in the London area 20 centres, providing a total of 3,610 workstations, in it's H1 interim results today, said it's revenues for the six months ended 30 June 2010 were £4.6 million (2009: £3.3 million) an increase of 41%.
Michael Kingshott, Chairman, comments:
"The last six months has continued to be a very challenging time for the general economy and for our market. Despite this, we have reacted swiftly to maintain occupancy and rate levels.
Since January we have opened two new properties at 7 Hanover Square and Wallington and we are currently in advanced negotiations with regards to three other buildings. Opening new buildings has associated costs and the loss before tax of £272,000 for the six months to 30 June 2010 is an encouraging result considering £107,000 of this arose on the opening of Hanover Square.
In addition to opening new buildings, we have made significant progress in strengthening our management team with the appointment of two new directors, a Facilities Manager, and the development of a dedicated sales team. As a result we have significantly improved our lead to viewing conversion rate, are driving down costs and continue to develop our Property Management services.
The changes we have made, coupled with the result to date, indicate a future return to profitability and I have great confidence in continued improvement going forwards."
The firm has grown over the past 5 years and prior to 2008 typicallly made a sub £2million profit each year. In 2008 it's loss of £4 million came as a massive blow from which the firm has recovered to small profits in 2009.
Michael Kingshott, Chairman, comments:
"The last six months has continued to be a very challenging time for the general economy and for our market. Despite this, we have reacted swiftly to maintain occupancy and rate levels.
Since January we have opened two new properties at 7 Hanover Square and Wallington and we are currently in advanced negotiations with regards to three other buildings. Opening new buildings has associated costs and the loss before tax of £272,000 for the six months to 30 June 2010 is an encouraging result considering £107,000 of this arose on the opening of Hanover Square.
In addition to opening new buildings, we have made significant progress in strengthening our management team with the appointment of two new directors, a Facilities Manager, and the development of a dedicated sales team. As a result we have significantly improved our lead to viewing conversion rate, are driving down costs and continue to develop our Property Management services.
The changes we have made, coupled with the result to date, indicate a future return to profitability and I have great confidence in continued improvement going forwards."
The firm has grown over the past 5 years and prior to 2008 typicallly made a sub £2million profit each year. In 2008 it's loss of £4 million came as a massive blow from which the firm has recovered to small profits in 2009.
Thu, 29th Jul 2010