Servcorp: Interim result 2015

This serviced office business is still ticking along, although growth has moderated after five years of rapid expansion.

Servcorp has a relatively straightforward business model. It rents office space on medium-term leases (from one to 10 years), fits it out as serviced offices, and then rents these out monthly. It adds value in the services it can provide – postal addresses, receptionists, meeting rooms and, increasingly, technology.

PBT up 30% over prior year, but only 1% over previous half

Accounting quirk will knock about 5% off PBT this year

Growth is slowing, but shares not overpriced

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