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Prices & Quotes - UK Markets - IWG (IWG)

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Share Price:
Up 303.40p
Change Today:
11.50p
Market Cap:
3,056.34m

IWG's recovery from Covid-19 pandemic taking longer than initially expected

By Iain Gilbert

Date: Tuesday 09 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Serviced offices provider IWG said on Tuesday that it would be forced to shutter more underperforming locations as a result of the market recovery from the coronavirus pandemic was taking longer than anticipated.
IWG said revenues had fallen 6.4% in the twelve months ended 31 December to 2.48bn, dragging the group to a pre-tax loss of 650.2m - a marked turnaround versus 2019's reported pre-tax profit of 55.0m.

Adjusted underlying earnings were 1.23bn, down from last year's 1.48bn figure, while IWG also reported a loss per share of 67.9p compared to 2019's reported earnings per share of 50.5p.

However, IWG said it has seen an increased level of demand for hybrid working spaces and suburban locations as a result of a general shift towards remote working amid the Covid-19 pandemic.

The FTSE 250-listed firm stated the pandemic had caused a step-change in the office space sector, with employers opting for shorter leases and employees increasingly choosing to work from home.

Chief executive Mark Dixon said: "This was a period of exceptional change for IWG, for our employees, our clients and for the overall business environment worldwide. Certainly, 2020 was very difficult, and I anticipate these challenging market conditions to prevail for a few months to come.

"But 2020 was also a year when our market underwent a decade of evolution in just 12 months. It was a year when companies across the world discovered first-hand that their workforces could be highly engaged and productive while utilising the hybrid way of working: at home, in a local office, and occasionally at corporate HQ. This trend is not new, but one that has been accelerated by the emergence of the Covid-19 pandemic. Today, we anticipate a massive surge in growth when we eventually emerge from the unprecedented downturn that the Covid-19 pandemic has created."

As of 0830 GMT, IWG shares were down 2.88% at 370.40p.

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IWG Market Data

Currency UK Pounds
Price 303.40p
Change Today 11.50p
52 Week High 383.60p
52 Week Low 222.60p
Volume 1,020,949
Shares Issued 1,007.36m
Market Cap 3,056.34m

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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 22-Jun-2021

Time Volume / Share Price
13:41 308 @ 303.40p
13:41 198 @ 303.20p
13:41 771 @ 303.20p
13:41 1,070 @ 303.20p
13:41 510 @ 303.30p

IWG Key Personnel

Chair Douglas Sutherland
CEO Mark Dixon
CFO Glyn Hughes