olivLaw · European equity research
Workspace Group PLC WKP.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Workspace Group PLC owns flexible, characterful office space in London aimed mainly at SMEs. In the year to 31 March 2026 net rental income fell to £113.4m, and the company is repositioning its strategy to rebuild earnings.
At the close of 05 Nov 2026, Workspace Group PLC (WKP.L) stock was 3.60 GBP (+0.22% on the day), with market capitalisation 691.8 m GBP, dividend yield 7.89%, beta 0.66, 52-week range 3.19–4.30 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 3.26 – 3.67
- in the upper half of the band · %B 0.84 · band width 11.8%
- SMA 50 / 200
- 3.56 / 3.62
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.1% | −0.6% | −1.5 pp | — |
| 3 months | −0.1% | −4.2% | +4.1 pp | — |
| 6 months | +2.7% | +4.3% | −1.7 pp | — |
| Year to date | −9.8% | +7.5% | −17.3 pp | — |
| 1 year | −11.1% | +9.9% | −21.0 pp | +5.8% |
| 3 years | −34.1% | +49.8% | −83.9 pp | +26.3% |
| 5 years | −58.0% | +42.8% | −100.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | unavailable | 184.3 m | 185.2 m | 181.4 m |
| Revenue YoY | unavailable | unavailable | +0.5% | −2.1% |
| Net income | unavailable | -192.5 m | 5.4 m | -120.3 m |
| Net income YoY | unavailable | unavailable | unavailable | −2,327.8% |
| Diluted EPS | unavailable | -1.00 | 0.03 | -0.63 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −2,335.7% |
| net % | unavailable | -104.4% | 2.9% | -66.3% |
| Free cash flow | unavailable | 53.5 m | 74.8 m | 62.0 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 10.5 m GBP
- Financial debt
- 757.0 m GBP
- Net debt
- 746.5 m GBP
- Equity
- 1.3 bn GBP
- Total assets
- 2.2 bn GBP
- Debt / equity
- 0.57x
- Current ratio
- 1.05x
- ROE
- -8.5%
- ROA
- -5.1%
- FCF margin
- 34.2%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 184.3 m | 185.2 m | 181.4 m | esef· 25 Jun 2026verified |
| Operating income | — | -157.9 m | 37.4 m | -89.3 m | esef· 25 Jun 2026verified |
| Interest expense | — | 34.9 m | 32.6 m | 33.4 m | esef· 25 Jun 2026verified |
| Pre-tax income | — | -192.8 m | 5.4 m | -120.5 m | esef· 25 Jun 2026verified |
| Income tax | — | -300.0 k | 0 | -200.0 k | esef· 25 Jun 2026verified |
| Net income | — | -192.5 m | 5.4 m | -120.3 m | esef· 25 Jun 2026verified |
| Diluted EPS | — | -1.00 | 0.03 | -0.63 | esef· 25 Jun 2026verified |
| Dividend per share | 0.17 | 0.19 | 0.19 | 0.28 | esef· 25 Jun 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 18.5 m | 11.6 m | 32.7 m | 10.5 m | esef· 25 Jun 2026verified |
| Receivables | — | 36.7 m | 32.8 m | 26.8 m | esef· 25 Jun 2026verified |
| Current assets | — | 114.0 m | 110.7 m | 93.6 m | esef· 25 Jun 2026verified |
| Property, plant & equipment, net | — | 3.0 m | 3.4 m | 2.2 m | esef· 25 Jun 2026verified |
| Total assets | — | 2.5 bn | 2.5 bn | 2.2 bn | esef· 25 Jun 2026verified |
| Short-term debt | — | 0 | 79.9 m | 0 | esef· 25 Jun 2026verified |
| Long-term debt | — | 854.8 m | 761.4 m | 757.0 m | esef· 25 Jun 2026verified |
| Current liabilities | — | 93.0 m | 172.2 m | 88.8 m | esef· 25 Jun 2026verified |
| Total liabilities | — | 982.5 m | 968.3 m | 881.9 m | esef· 25 Jun 2026verified |
| Equity | 1.8 bn | 1.5 bn | 1.5 bn | 1.3 bn | esef· 25 Jun 2026verified |
| Shares outstanding at year end | — | 191.7 m | 192.9 m | 192.2 m | esef· 25 Jun 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | 53.9 m | 76.6 m | 62.6 m | esef· 25 Jun 2026verified |
| Capex | — | 400.0 k | 1.8 m | 600.0 k | esef· 25 Jun 2026verified |
| Free cash flow | — | 53.5 m ≈ | 74.8 m ≈ | 62.0 m ≈ | esef· 25 Jun 2026derived |
| Investing cash flow | — | 45.9 m | 16.5 m | 58.1 m | esef· 25 Jun 2026verified |
| Financing cash flow | — | -106.7 m | -72.0 m | -142.9 m | esef· 25 Jun 2026verified |
| Dividends paid | — | 50.7 m | 56.3 m | 54.6 m | esef· 25 Jun 2026verified |
| Share repurchases | — | 200.0 k | 400.0 k | 300.0 k | esef· 25 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 691.8 m GBP
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.4% | 17 (vs peers) | 23% |
| Net margin · Quality | -66.3% | 11 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.7x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 21 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.0% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 7.9% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 88.1% | 46 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns78/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WORKSPACE GROUP PLC (WKP.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 181.4 m GBP in 2026; YoY growth -2.1%; net margin -66.3%; ROE -8.5%.
The estimated value range is 2.19–4.01 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2.91 GBP, the price of 3.60 GBP leaves a potential of -19.2% (value / price − 1) and a margin of safety of -23.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 9.0%
- Shareholder yield (distributions): 7.9%
What contradicts it
- ROIC: -3.4%
- Net margin: -66.3%
- Interest coverage: -2.7x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| WKP.LWorkspace Group PLC | 691.8 m | — | -8.5% | -66.3% | −2.1% | −6% / −32% |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for WKP.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Workspace Group PLC owns flexible, characterful office space in London aimed mainly at SMEs. In the year to 31 March 2026 net rental income fell to £113.4m 1, and the company is repositioning its strategy to rebuild earnings.
SWOT
Strengths
- A unique portfolio of historic and characterful buildings concentrated in London, with well-connected locations and steady demand from SMEs 1.
- A vertically integrated operating platform that controls the customer experience from enquiry through to renewal 1.
- Stated liquidity that the company considers sufficient, plus a credit facility extended to 2029, giving financial flexibility 1.
Weaknesses
- Trading profit fell in fiscal 2025/26 and net rental income declined, reflecting pressure on revenue 1.
- Portfolio value fell on an underlying basis, and some assets carry lower yields, which limits flexibility 1.
- The product offer and brand need repositioning, and the company acknowledges it invested only selectively until now 1.
Opportunities
- The new two-tier product and the Managed offer could attract London SME demand more effectively 1.
- Recycling capital from disposals into higher-return refurbishments could support income growth over the long term 1.
- Investment in CRM, data and AI could create additional revenue streams and operating efficiencies 1.
Threats
Risks
- Customer demand and retentionhigh
If the offer does not keep pace with changing requirements, occupancy and pricing power could fall, reducing rental income and portfolio value 1.
- Financing and leverage metricshigh
If bond yields and funding costs rise while property valuations fall, the company could face difficulty meeting covenants and refinancing debt 1.
- Capital allocationmedium
The pace and pricing of disposals and the choice of refurbishment projects could affect returns on capital if they do not follow the plan 1.
- Construction costs and supply chainsmedium
Strains in global supply chains could raise the cost and lengthen the timing of refurbishment projects, possibly delaying income growth 1.
- Operational delivery of the transformationmedium
If the rollout of the new platform, CRM and new products runs into difficulty, the transformation plan could be slowed 1.
Investment thesis
What would need to be true (bull case)
- If demand from London SMEs stays solid and the new product captures it, the company could return to income growth on a portfolio of characterful buildings that is hard to replicate 1.
- If disposals proceed as planned and capital is recycled into higher-return refurbishments, the company could strengthen its balance sheet and profitability 1.
- If the integrated operating platform delivers scale efficiencies and better customer data, the company could turn its structural advantages into more stable earnings 1.
What would break the thesis
- If the UK economy weakens, occupancy and pricing in the flexible market could stay under pressure for longer than expected 1.
- If interest rates and funding costs stay high and valuations keep falling, the company could have less flexibility in refinancing 1.
- If the strategic transformation is delayed or fails to modernise the offer, the company could fall behind competitors in the SME segment 1.
What to watch
- Progress of disposals against the two-year targetnext 10-K
- Development of stabilised portfolio occupancy and rental income2027
- Whether the dividend and earnings cover remain at the level announcednext 10-K
- How refinancing and leverage metrics, including covenants, develop2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Workspace Group PLC builds its business on a portfolio of historic and characterful buildings, concentrated mainly in London, and offers flexible workspace for SMEs with flexible terms and tailored services. The model combines building ownership, a vertically integrated operating platform that manages the full customer lifecycle from enquiry to renewal, and a goal of growing rental income and asset value 1. For fiscal 2025/26 the company reported trading profit after interest of £60.5m 1.
The strategy the company calls Fix, Accelerate, Scale aims to improve the product offer, optimise the portfolio and platform, and create options for the future. Management has also introduced a new Managed product alongside a Space only offer, with two product tiers 1.
The company changed its leadership during the reported period, and management describes the year as one of transition, with priorities on cost discipline, selling non-core assets and selective investment in buildings with the most compelling returns 1.
Segments
Flexible workspace for London SMEs
The core segment targets SMEs, start-ups and scaleups in London that rent space on flexible terms. The company regards this demand as structural, but says the market is competitive and that occupancy and pricing are under pressure 1.
Building refurbishment
The company selectively invests in refurbishing buildings with attractive returns, focusing on work that reduces embodied carbon. Management warns that construction costs and material lead times affect these projects 1.
Disposals
The company is selling non-core assets to recycle capital into higher-return projects. Completed and agreed sales are reported against a two-year target that is still in progress 1.
Market context
London's flexible office market remains competitive, and the recalibration of occupier requirements puts pressure on occupancy and pricing. The UK economic backdrop is fragile, with inflation above target, weak consumer and business confidence and geopolitical uncertainty 1. Management says trading conditions are likely to remain tough for some time, without giving a quantified forecast 1.
Interest rates, funding costs and property valuations affect the company's ability to refinance debt and meet financial covenants. The company states it has enough liquidity to repay facilities maturing until March 2028 1.
Trends
- Structural demand from London SMEstailwind
The company argues that demand from London SMEs, start-ups and scaleups remains solid and that its new product and brand could capture it better 1.
- Pressure from inflation and interest ratesheadwind
Persistent inflation and high interest rates weigh on customer decisions and could reduce occupancy, pricing and asset values, especially if economic uncertainty lasts 1.
- Recalibration of demand for larger unitsmixed
Rising vacancy in larger units and shifts in customer behaviour put pressure on income, although the company says occupancy stabilised toward year end 1.
- Focus on sustainability and refurbishmentmixed
Customers are increasingly sustainability-driven, and low-carbon refurbishment investment could support the offer if construction costs remain manageable 1.
Competitive position
Workspace operates in London's flexible workspace market, where demand is redistributed among operators and occupancy and pricing are contested. The source does not identify competitors in detail, so the list below is limited to what the report states explicitly 1.
The company's stated advantage lies in its portfolio of historic and characterful buildings and its integrated operating platform. Competitiveness, however, depends on meeting the changing needs of occupiers, and the company acknowledges it must modernise its offer 1.
- London flexible workspace operators
Direct competitors for SME customers, referred to generically in the report as a source of competitive pressure on occupancy and pricing 1.
- London office landlords
Compete for the same occupiers, particularly for buildings in well-connected locations, as the portfolio description suggests 1.
- Traditional leased office space
Alternatives for customers who prefer longer contracts, a preference the recalibration of occupier requirements could favour 1.
- New managed-space operators
Competitors with similar managed products that the company monitors to calibrate its own offer 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202625 Jun 2026
- Annual report 202625 Jun 2026
- Annual report 202517 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Workspace Group PLC · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.