Workspace giant IWG posts double-digit growth as international demand swells
The world’s largest serviced offices group posted a double-digit rise in revenue this morning amid growing international appetite for its workspace brands.
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IWG, the firm which owns Regus and Spaces, revealed a 10 per cent rise in its first-quarter revenue today, rising in line with forecasts.
Occupancy was up 4.2 per cent at 75.4 per cent in the reported period.
Booming demand from France, Germany and Spain, as well as the Americas and Asia Pacific, drove the growth in the three months to the end of March, the group said today.
IWG added that "new 2018 and 2019 location openings are developing in line with expectations".
Earlier this year the group, which is run by chief executive and founder Mark Dixon, said it would revamp some locations including in the UK following a dip in full-year operating profit.
Speculation that the FTSE 250 group has been planning a large sell-off of so some of its property assets has mounted in recent months following stiffer competition and new accounting rules.
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Last month the group announced that it was selling its Japanese operations to TKP Corp for roughly £320m as part of a new strategic partnership.