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IWG warns anticipated recovery in 2021 to be delayed as pandemic, lockdowns bite
StockMarketWire.com
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Workspace rental group IWG warned of its anticipated recovery in 2021 would be delayed the pandemic and related ongoing government-enforced lockdowns.
Revenue for the year ended 31 December 2020 was anticipated to be approximately £2.45 billion.
The company said it would implement further cost costs, expected to drive savings in the range of £325 million to £375 million.
'The estimated cumulative benefit of these actions accruing to the group in future years will be significant and is anticipated to be c. £2.4 billion,' the company said.
Looking ahead, the company said the challenging backdrop was likely to persist well into 2021 before there were signs of the environment was improving.
Story provided by StockMarketWire.com
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