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(Alliance News) - Office space provider IWG PLC on Monday said its senior managers and board will take a pay cut as part of the company's effort to save costs during this "challenging period".
The company, which trades under the Regus brand name, also said that there has been no change in its assessment of the Covid-19 pandemic or in its position.
In March, IWG had said it expected pressure on its businesses due to lockdowns as a result of the virus outbreak, following a positive start in January and February. It also had said it was monitoring ongoing developments and taking appropriate actions to cut costs and optimise cash flows.
Shares in IWG were up 6.3% at 185.50 pence each in London on Monday morning.
The company's board - including Chief Executive Mark Dixon and Chief Financial Officer Eric Hageman - have decided to take a 50% reduction in fees and base salaries during this challenging period, the Luxembourg-based company said.
IWG has deferred its first quarter trading update to May 28 from April 28 to provide information in respect of April's trading in the light of Covid-19.
By Tapan Panchal; tapanpanchal@alliancenews.com
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