IWG revenue rises 13% in third quarter

Serviced office operator IWG has reported a 13.2% rise in third quarter revenue, following a strong performance in the Americas and Europe. Revenue for the three months to September increased to £692.3m, the company said. Open centre revenue grew 15.5% for the nine months to 30 September, with occupancy up 3.1% points to 76% for the period from a year earlier. The rise in revenue was supported mainly by the Americas and EMEA, the company’s two largest markets, and “very encouraging” contributions from 2018 and 2019 centre additions, IWG said. The company added 66 new locations in the third quarter, taking its worldwide total to 3,348. IWG said: “We believe our transition to a franchising model by partnering with a growing and diverse range of third parties will deliver a quicker and more asset light approach to growth, which benefits all stakeholders.” To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette