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IWG swings to annual loss on pandemic impact
StockMarketWire.com
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Office operator IWG swung to an annual loss as the nationwide lockdowns owing to the pandemic led to increasingly deteriorating conditions from the second quarter through year-end.
For 2020, pre-tax losses were £650.2 million compared with a profit of £55.0 million year-on-year as revenue fell 6.4% to £2.48 billion.
The company said an improvement in sales had been offset by 'customer churn and the significant impact the pandemic has had on service revenue.'
Occupancy fell to 72.9% from 73.9%.
Looking ahead, the company said that while 2020 was 'undeniably an extremely difficult time for everybody and these conditions were likely to persist well into 2021.'
At 8:01am: (LON:IWG) Iwg PLC share price was 0p at 336.6p
Story provided by StockMarketWire.com
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