Last checked at 6 Apr 2020 07:00
6 April 2020
IWG plc
("IWG" or the "Group")
Amendment to date of Q1 Trading Update
On 23 March 2020, IWG provided an update in respect of COVID-19 following a positive start by the Group in January and February. In the update IWG indicated that it expected there to be pressure on the Group's global business as countrywide lockdowns were implemented, that the ongoing developments were being closely monitored and that appropriate actions were being taken to reduce costs, limit capital expenditure and optimise cash flows. There has been no change in the Group's assessment of COVID-19 or in its position.
In order to provide investors and analysts with information in respect of April's trading in the light of COVID-19, the Board has decided to defer the Group's Q1 trading update from the provisional date of 28 April 2020 to 28 May 2020.
Accordingly, the trading update will now cover the four-month period ending 30 April 2020.
The Board also announces that, in line with other measures undertaken to reduce the Group's costs, the Board, including the Executive Directors Mark Dixon, CEO and Eric Hageman, CFO, has decided to take a 50% reduction in fees and base salaries during this challenging period.
For further information, please contact:
IWG plc Tel: +41 (0) 41 723 2353 Wayne Gerry, Group Investor Relations Director
| Brunswick Tel: + 44 (0) 20 7404 5959 Nick Cosgrove Oli Sherwood
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