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IWG revenue falls in Q1 as lockdown impact weighs; sees early signs of improvement
StockMarketWire.com
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Workspace brands operator IWG said revenue fell by more than fifth in the first quarter of the year as lockdowns restrictions continued to stifle demand for office space.
For the three months ended 31 March 2021, revenue fell 23.6% to £528.3 million, with pre-2020 occupancy down 820 basis points to 66.4%.
The opened 43 locations, including 10 from an acquisition, and closed 55 in the period.
Looking ahead, the company touted early signs of improvement.
'Performance has now started to show improvements on multiple KPIs as we exit the quarter,' the company said.
'Occupancy is improving, enquiries reached pre-Covid-19 levels, an increasing pipeline of corporate customers on network-wide deals and, most importantly, service revenues starting to improve,' it added
At 8:05am: (LON:IWG) Iwg PLC share price was 0p at 336.6p
Story provided by StockMarketWire.com
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