LONDON (dpa-AFX) - International Workplace Group Plc, or IWG Plc (IWG.L) on Tuesday said in its first-quarter trading update that its system-wide revenue rose 2 percent from last year. The company also increased its share-buyback programme and reaffirmed its outlook for fiscal 2025.
The hybrid-working platform's system-wide revenue was $1.06 billion during the period, higher than $1.04 billion in the year-ago quarter.
The company said that the Managed & Franchised division system revenue climbed 23 percent to $171 million from $139 million recorded in the prior-year quarter. Company-owned division revenue growth of 3 percent in open centres from $764 million to $790 million was also reported during the period.
IWG Plc said that it is raising its share buyback programme to $100 million from the earlier $50 million. The company added that the earlier buyback programme will be completed with the announcement of the first-half results on August 5.
Looking ahead, the company reaffirmed its 2025 outlook, still expecting adjuted EBITDA in the range of $580 million to $620 million on a constant currency basis, continued improvement in net debt/EBITDA, and more centre openings and signings than last year.
IWG Plc said that while the impact of US tariffs on the global economy remains uncertain, the company continues to expect $1.0 billion in pre-IFRS 16 EBITDA in the medium term.
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