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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 suspends dividend, share buyback due to Covid-19

By Michele Maatouk

Date: Monday 23 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Workspace provider IWG said on Monday that it was suspending its dividend and temporarily halting its share buyback programme due to the coronavirus outbreak.
The company noted that it ended 2019 strongly and said this provided a positive start into January and February. In its 2019 results, it said the outbreak of the virus had led to a brief closure of some centres in China, which are now operational.

However, it expects there to be pressure on its global business as more countrywide lockdowns are put in place.

"We continue to closely monitor the ongoing developments in relation to COVID-19 and are taking appropriate actions to reduce operational costs, limit both growth and maintenance capital expenditure and optimise cash flows," the company said.

As a result, IWG has decided not to pay the 4.8p final dividend declared with the full-year results and to temporarily suspend the updated ?100m share repurchase programme that was announced. To date, it has spent ?27.5m on the programme.

IWG insisted that its financial position remains "strong", with a low level of financial leverage and substantial access to liquidity.

"At the present time, given the evolving nature of the Covid-19 pandemic, it is too early to provide earnings guidance in relation to the remainder of the current financial year. While the implications of Covid-19 are difficult to determine, the board is confident in the long-term structural growth drivers of the global flexible work market and IWG's strategy to maintain its leading position within it."

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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