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Prices & Quotes - UK Markets - IWG (IWG)

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Share Price:
Down 313.60p
Change Today:
-5.20p
Market Cap:
3,159.11m

IWG Q3 revenues jump on improved occupancy

By Duncan Ferris

Date: Tuesday 05 Nov 2019

LONDON (ShareCast) - (Sharecast News) - IWG on Tuesday reported a jump in third quarter revenue after improved occupancy at its older offices, as well as encouraging contributions made by new additions from 2018 and 2019.
The serviced offices firm said revenue came in at 692.3m for the three-month period ended 30 September, for a 13% increase versus the same period last year, as turnover across all open centres rose by 16%.

Revenue from office centres opened before 2018 climbed by 3.3% to 591.4m as tenancy in these older sites improved from 74.2% to 76.4%, reaching the highest level of mature occupancy since the fourth quarter of 2016.

With regard to newer workspaces, IWG said those opened in 2018 were developing strongly but the current year's crop are already exhibiting the potential to be even better.

The FTSE 250-listed company added 66 new locations in the third quarter, taking its worldwide total to 3,348.

Meanwhile, having recently snapped up UK meeting room provider Clubhouse, IWG said it is ready to use its strong financial position to take advantage of further opportunities for mergers and acquisitions.

The company also highlighted progress in its franchising activities, through which it now has 27 partners in 22 countries and combined commitments of over 400 new centre locations after signing new agreements in Japan, Taiwan and Switzerland.

Further partnership deals are anticipated due to high interest in the franchise approach across all regions.

"We remain very confident in the structural, long-term growth in the flexible workspace market and IWG's leading position within it, which we continue to extend. We believe our transition to a franchising model by partnering with a growing and diverse range of third parties will deliver a quicker and more asset light approach to growth, which benefits all stakeholders. We are making excellent progress in shaping the business to benefit from this significant growth opportunity," said IWG.

IWG shares were down 0.91% at 391.70p at 1044 GMT.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

IWG Market Data

Currency UK Pounds
Price 313.60p
Change Today -5.20p
52 Week High 383.60p
52 Week Low 222.60p
Volume 1,222,596
Shares Issued 1,007.37m
Market Cap 3,159.11m

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What The Brokers Say

Strong Buy 5
Buy 1
Neutral 4
Sell 0
Strong Sell 0
Total 10
buy
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IWG Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Sep-19 25-Apr-19
Paid 04-Oct-19 24-May-19
Amount 2.15p 4.35p

Trades for 30-Jul-2021

Time Volume / Share Price
16:35 609,857 @ 313.60p
16:29 323 @ 315.50p
16:29 182 @ 315.50p
16:29 129 @ 315.50p
16:29 425 @ 315.50p

IWG Key Personnel

Chair Douglas Sutherland
CEO Mark Dixon
CFO Glyn Hughes