LONDON (dpa-AFX) - IWG Plc. (IWG.L) said that new variants of the virus in some markets will delay the anticipated recovery in its business and, given the operational gearing of the Group, is expected to have a significant impact on the group's results for 2021. It expects underlying Group EBITDA for 2021 to be well below the level in 2020.
The overall improvement in occupancy across the whole Group has been lower than previously anticipated as a result of the prolonged impact of COVID-19, including continuing lockdown restrictions and the emergence of new variants of the virus in some markets.
In markets where COVID-19 related restrictions are easing such as the US, the company has seen positive momentum. Occupancy is improving, enquiries have reached pre-Covid-19 levels, it has an increasing pipeline of corporate customers on network-wide deals and service revenues are starting to improve.
The company noted that its board's expectations for a strong recovery in 2022 are broadly unchanged. The Group continues to maintain a strong financial position with significant liquidity.
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