IWG posts revenue hike despite ‘disappointing’ UK market
IWG has posted a 10% uptick for the three months ended 30 September, despite a “disappointing” performance in the UK.
Revenue increased to £637.9m, compared with £585.7m in the same period last year.
The company highlighted “good performances” in the US, EMEA and Asia Pacific despite a weaker UK market, adding that “actions to improve the [UK] business are firmly in place”.
IWG has posted a 10% uptick for the three months ended 30 September, despite a “disappointing” performance in the UK.
Revenue increased to £637.9m, compared with £585.7m in the same period last year.
The company highlighted “good performances” in the US, EMEA and Asia Pacific despite a weaker UK market, adding that “actions to improve the [UK] business are firmly in place”.
Looking ahead, IWG said it expected to invest around £230m in roughly 275 new openings during the year. These will add around 6.7m sq ft of additional space, representing around 22% more flexible workspace than the group acquired in 2017.
The serviced office operator is currently looking at selling off its property division.
In August, EG reported that IWG was exploring a sale-and-leaseback of its real estate in order to extract value from the company after interested parties failed to register a formal bid for it.
IWG’s management informed Starwood, Terra Firma and TDR that it did not want to continue discussions regarding their possible offers a day before their formal “put up or shut up” deadline was due to expire on 7 August.
Last month, Dixon bought £9.86m of shares in the Regus owner.
The serviced offices company’s founder and largest shareholder upped his stake in the business from 25% to 26.3% following the aborted takeover talks.
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