LONDON (dpa-AFX) - IWG plc (IWG.L) said that its group revenue for the third-quarter declined 3.7% to 550.8 million pounds from 571.8 million pounds in the same period last year. Quarterly total revenues were down 0.3% at constant currency.
Quarterly total group system-wide revenue, which included the total of all revenue made by both non-consolidated and consolidated locations globally, increased 0.3% to 620.7 million pounds at constant currency.
Revenue across open centres increased 5.2% at constant currency, with all four regions recording positive revenue growth year-on-year.
Pre-2020 revenue in the quarter was broadly flat on a constant currency basis and decreased to 504.2 million pounds from 521.9 million pounds on a reported basis. Occupancy in the pre-2020 estate increased to 71.2% in the latest-quarter, up 110bps year-on-year.
The company noted that its board has undertaken a preliminary review to assess the strategic and commercial rationale for separating the digital and technology assets of the Group into a separately identified and constituted business.
Similarly, the potential to more broadly leverage the intellectual property of the Group, together with the ownership structure of the property portfolio, is the subject of further review to fully assess the options available to reorganise the assets of the Group, the company said.
The company noted that its cost optimisation program is on track to deliver an underlying annualised run rate cost reduction of approximately 320 million pounds by year-end.
The acceleration of trading, together with a growing forward order book and ongoing cost reduction, set the direction for a stronger recovery in 2022.
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