Regus remains cautious

Outsourced workplaces provider Regus reported a 9.5% drop in revenues and said it remains cautious in its outlook for 2010.Revenues came to £332m in the four months to 31 October compared with the £367m achieved for the same period last year.The total number of actual workstations has continued to grow over the last 4 months to 174,487 (including non-consolidated workstations). Net cash was £229.1m at 31 October compared to £229.5m at 30 June. 'Looking forward, while our results continue to be impacted by pressures on price and occupancy, we also see some signs of stabilisation in our leading indicators. In addition, we are benefiting from our cost reduction programme which remains on track to meet its full year target,' said the group.'However, given the fragility of the economic environment and the uncertainties we face, we remain cautious in our outlook for 2010.''Notwithstanding this, as the global market leader coupled with our continued profitability and strong balance sheet we remain ready to exploit appropriate, earnings enhancing opportunities for growth,' it added.