(Alliance News) - IWG PLC on Tuesday said it will pay dividends again after achieving record revenue in 2023, as the company weighs up a New York listing.
IWG is a Zug, Switzerland-based provider of rentable workspaces for companies and individuals. Shares in IWG were down 5.5% at 174.60 pence each in London on Tuesday morning.
IWG said it had successfully adopted the US dollar as its reporting currency as of January 1. The company said it is also reviewing the adoption of US generally accepted accounting principles. It added that an announcement "regarding the company's intentions" will come in the first half of 2024.
In August, Reuters reported IWG was considering moving its listing from London to New York.
In 2023, IWG delivered a pretax loss of GBP189 million in 2023, widening from GBP105 million in 2022.
IWG said that the loss was driven primarily by non-cash costs, including a one-off impairment charge relating to the write-off of legacy telephony systems.
Revenue was up 7.5% to a record GBP2.96 billion from GBP2.75 billion in 2022, however.
Earnings before interest, tax, depreciation and amortisation rose 30% to GBP403 million in 2023, from GBP311 million.
IWG proposed a resumption of its dividend by recommending a final payout of 1.0p per share. The company's last payout was an interim dividend of 2.15p in 2019.
Looking ahead, IWG said that the company's future "remains bright", believing there to be "substantial room for growth".
IWG Chief Executive Officer Mark Dixon said: "While 2023 was a record year for both revenue and network size, we continue to see significant growth potential. With 1.2 billion white-collar workers globally and a potential audience valued at more than USD2 trillion, there is substantial room for growth and as a company, we have a laser-like focus on capturing more of this market over the coming months and years."
It said its 2024 Ebitda will be in-line with management's expectations.
By Hugh Cameron, Alliance News reporter
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IWG (IWG)