IWG PLC - Workspace provider - Says third quarter revenue jumps 7% to GBP736 million from GBP726 million a year prior, citing network growth, pricing strength and ancillary services. Year-to-date revenue climbs 11% to GBP2.22 billion from GBP2.01 billion in the corresponding period for 2022. Confirms financial outlook for 2023, stating that earnings before interest, tax, depreciation and amortisation, as well as net financial debt will remain in line with expectations. Adds it will report its full-year results in pounds before converting to US dollars from January 1.
Chief Executive Officer Mark Dixon says: "The structural growth in hybrid working, combined with our market position, has resulted in continued revenue momentum in the third quarter of 2023. Our capital-light growth strategy is continuing to deliver, with around 40% more locations already signed in 2023 than in the whole of 2022. Our revenue growth and cost control are driving cash flow, enabling us to continue to pay down debt."
Current stock price: 139.70 pence, up 0.9% on Tuesday
12-month change: down 18%
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
IWG (IWG)