LONDON (dpa-AFX) - Regus plc (RGU.L), in its trading update for the three months to March 31, 2012, said its first-quarter 2012 financial performance was in line with management expectations. First-quarter Group turnover was up 8.8% to 299.3 million pounds from 275.1 million pounds in the corresponding period last year.
The company's mature business, which makes up over 85% of its global portfolio of centres, continues to perform well. Revenues for these centres increased 4.4% to 282.2 million pounds from 270.2 million pounds a year ago.
As anticipated, the accelerated pace of new centre openings since the second half of 2011 has weighed on profitability in early 2012. The financial drag from new centres is expected to diminish through the remainder of this year.
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© 2012 AFX News
