Workspace provider IWG reported a narrowing of its first-half losses on Tuesday amid strong demand for hybrid working.
In the six months to 30 June, adjusted pre-tax losses narrowed to £70.2m from £163.3m in the same period a year earlier, with system-wide revenues up 22.3% at £1.4bn. IWG said this was driven by strong demand for hybrid working.
Meanwhile, earnings before interest, tax, depreciation and amortisation rose to £122.9m from £5.4m.
Chief executive Mark Dixon said: “With hybrid working becoming the preferred operational model for a rapidly growing number of companies, we remain confident about the continuing structural growth drivers at play in our industry.
“We have delivered strong revenue performance with record visibility of the forward order book with occupancy and pricing improvements. We continue to build resilience and cost efficiency into our business, and we have repeatedly demonstrated our ability to address new challenges. These attributes will be important as we continue to navigate the headwinds created by increased geopolitical tensions in Europe, general inflationary pressures, and the ebb and flow of Covid-related restrictions in some markets.
“Overall therefore, we look forward with cautious optimism to the remainder of 2022.”
