The flexible office rental business Workspace issued a Q4 business update this morning which made challenging reading for investors. The FTSE-250 listed company arguably acts as a barometer for wider business sentiment and that was laid out with the fact that letting numbers were similar to the comparative, but rental values were around 20% lower. The company is also disposing of low conviction assets to strengthen its financial position and whilst this is on track, the impact on yield is going to take a toll in FY27, along with a range of other pressures including inflation and rising interest costs. As a result, the Workspace share price was down 15% in early trade.
The hydrogen generation specialists ITM issued an update this morning announcing that the company was partnering with Rhinemetall to develop a decentralised network of hydrogen plants to support NATO across Europe. The first phase of the collaboration will be in the UK but the alignment of energy transition with national security feels particularly pertinent at this time – something that investors have clearly been getting on board with this morning, too. Shortly after the open and the ITM share price is up 34%, taking YTD gains to almost 100%.
Losses for power generation companies were seen this morning following yesterday’s news that the government was to scrap the Carbon Price Support tax which was designed to push coal power stations offline. With this objective now complete – and energy prices spiralling – the move gives something back to consumers but some are suggesting that the accompanying fall in wholesale electricity prices will drag on producers. Whilst Greencoat UK Wind highlighted this in a regulatory filing this morning, it was the Centrica share price that stood out, falling 5% by 9am.
Most read news on Investegate this morning
Strategic collaboration with Rheinmetall - - ITM Power (ITM)
£5 Million Institutional Placing - - Quantum Helium Limited (QHE)
