19 Nov 2010 07:00
19 November 2010
REGUS PLC - INTERIM MANAGEMENT STATEMENT
This statement covers the period from 1 July 2010 to 19 November 2010. Unless otherwise stated, figures quoted in this statement are for the four month period ended 31 October 2010.
Regus' financial performance in the year to date remains consistent with our expectations at the time of the half year results announcement on 27 August 2010.
Revenues for the four months to 31 October 2010 (at actual exchange rates) increased to £336.5m compared to £332.0m achieved for the same period last year.
As previously outlined we believe that now is the best time to invest in growth. As a result, our growth programme has continued to accelerate with 92 centres added in the year to 31 October of which 48 centres were added in the four months to 31 October. Of these, 58% were in emerging markets. Three new countries have been entered with new centres in Dar Es Salaam in Tanzania, Vilnius in Lithuania and Muscat in Oman, bringing the total number of countries in which we operate to 82.
Our net cash position remains strong at £190.3m at 31 October 2010. This compares to £224.2m at 30 June 2010 with the movement reflecting the continuing underlying robust cash generation offset by a further £29.9m invested in our accelerating growth programme, the return of £11.3m to shareholders via our interim dividend and share repurchases and the expected cash impact arising from the UK restructuring charge of £6.1m. The balance also reflects the impact of normal seasonal working capital fluctuations which occurred in the four month period.
We remain committed to our growth programme supported by the ongoing evolution of the flexible workplace market. Looking forward, while we remain cautious in our outlook, we are confident that the measures and actions taken in 2010 will support improvements to our business in 2011.
For further information, please contact:
Regus plc Tel: + 352 22 9999 5160 Mark Dixon, Chief Executive Officer Stephen Gleadle, Chief Financial Officer | Brunswick Tel: + 44 (0) 20 7404 5959 Simon Sporborg Wendel Verbeek |
This interim management statement contains certain forward looking statements with respect to the operations of Regus. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. Nothing in this announcement should be construed as a profit forecast. |
About Regus
About Regus
Regus is the world's largest provider of workplace solutions, with products and services ranging from fully equipped offices to professional meeting rooms, business lounges and the world's largest network of video communication studios. Regus enables people to work their way, whether it's from home, on the road or from an office. Customers such as Google, GlaxoSmithKline, and Nokia join hundreds of thousands of growing small and medium businesses that benefit from outsourcing their office and workplace needs to Regus, allowing them to focus on their core activities.
Over 800,000 customers a day benefit from Regus facilities spread across a global footprint of 1,100 locations in 500 cities and 82 countries, which allow individuals and companies to work wherever, however and whenever they want to. Regus was founded in Brussels, Belgium in 1989, is headquartered in Luxembourg and listed on the London Stock Exchange.
For more information please visit: www.regus.com