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IWG touts sees pick up in sales activity after pandemic dents revenue in Q3
StockMarketWire.com
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Office space operator IWG reported a fall in third-quarter revenue, though said it was starting to see improved sales activity. In the three months to 30 September 2020, revenue fell 10.1% to £583.3 million year-on-year and revenue across its open centres decreased 5.5% at constant currency.
The company said good sales activity levels in July, August and September, was offset by customer churn and the significant impact the pandemic had on service revenue, which historically accounts for approximately 28% of total revenue. Mid double-digit declines were recorded across all regions except for EMEA which remained in positive territory as its performance continued to benefit from acquisitions completed in the second half of 2019. The company said it had closed 33 locations in Q3, taking worldwide network total to 3,359 locations.
'There is clear evidence of increasing interest in flexible working as companies address how their employees will work in the future, the advent of further potential pandemics and the need to preserve liquidity by limiting capital and operating expense,' the company said. 'As a result, we are now starting to see some improvement in our sales activity,' it added. At 8:03am: (LON:IWG) Iwg PLC share price was +5.2p at 260p
Story provided by StockMarketWire.com
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