WOTSO (ASX: WOT) announces $36.7M profit in FY22 results

• WOTSO acquired four properties during FY22
• WOTSO now owns over 81,000 sqm of property and operates 42,000sqm of flexible space
• Revenue for the financial year was $40.2 million

Listed co-working company WOTSO (ASX: WOT) has announced its FY22 results, with the company recording increases across revenue, profit, total assets, and NAV.

WOTSO’s profit before tax came in at $36.7 million, up from the 2021 result of $11.7 million. WOTSO joint managing director, Tim Brown, said:

“Our headline statutory profit of $36.7m is dominated by revaluation income of the property portfolio. This has helped drive a strong rise in statutory NAV per security to $1.56 from $1.44 at June 2021.

“We have maintained a modest level of net gearing, now at 27%, but expect to increase gearing as we look to draw debt on unencumbered properties to fund acquisitions and capitalise on opportunities as they present.”

WOTSO’s revenue for FY22 was $40.2 million, with total assets increasing to $485 million. NAV was recorded at $1.56 with final distribution of 3 cents per share.

Source: WOTSO.

For FY22, WOTSO acquired four new properties and grew its flexspace annualised turnover to $23.7 million, some 50% above pre-pandemic levels of $16 million.

The WOTSO business has continued its upward trajectory as existing sites mature and new sites are added to the network.

“The impacts of COVID were material but the demand for flexible space is stronger than ever,” said Jess Glew, joint managing director for WOTSO.

“We’ve seen more and more businesses recognise the value and benefits of flexible space as people’s working habits and behaviours continue to evolve post pandemic.

“We have a clear purpose for the WOTSO business, to provide a home for businesses close to where people live, and this has translated into the strong results we see this year.”