Last year, IWG posted the highest revenue ever in its 35-year history, achieving rapid network growth and adding 867 new locations through 2023. The company continues to grow, while keeping operating costs under control and maintaining a steady pace growth in 2024.
In our country, IWG continues to expand its presence, reaching 15 points by the end of 2024.
First quarter results highlights:
Quarterly revenue growth of 2% annually at constant exchange rates.
All three divisions continue to perform:
- Managed premises & Franchise premises: Development of new centers with the completion of new partnerships as well as the opening of new offices
- Owned and leased premises: Significant increase in profit margin
- Net debt remains stable due to the impact of a one-off system change, as announced in the full year results on 5 March 2024, with the reduction in net debt expected to continue through 2024.
- No change in financial outlook since announcement of annual results for fiscal year 2023 on 5 March 2024
Mark Dixon, CEO & Founder of IWG, commented on the results: “The first quarter of 2024 saw good year-on-year revenue growth, showing that hybrid work has taken hold and continues to gain ground. We continue to be committed to our plan for growth through the capital light model, by signing new agreements and especially by opening new flexible workplaces. We remain committed to our strategy to increase our network coverage in order to offer our customers a great day at work.”
