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July/August 2017
For Business, Corporate Travel & Meeting Buyers & Arrangers

Regus parent firm focuses on growth

Regus’ parent company International Workplace Group (IWG) has seen its operating profit fall as it concentrates on growth.

IWG’s operating profit fell by 2 per cent to £87 million for the first six months of the year, while revenue rose by 8.5 per cent to £1.17 billion.

CEO Mark Dixon said: “We are now in a more attractive environment to accelerate growth with the addition of 149 new locations.

“This has increased our global network to 2,996 locations, which is unrivalled. We are particularly pleased with the quality of this growth.”

In the UK, IWG’s revenue fell by 7.5 per cent to £218.6 million as the company closed some locations and also suffered from lower occupancy levels.

Overall, the company added 42 UK locations in the first half of this year, compared with just eight during the same period in 2016.

“These locations are primarily in the south of England and very complementary to our existing UK network,” said the company in its latest financial report.

“They also broaden our product offering in the UK in terms of price point, geographic presence and type of workspace.”

IWG said it was “rapidly rolling out” its Spaces co-working brand with 23 locations added so far this year, including five new Spaces in the UK taking the total number up to seven.

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