IWG head warns of challenging Q3

摘要

Serviced office provider IWG has warned that the sector faces a challenging third quarter as it confirmed it would accelerate its office closures as a result of the pandemic, sending its share price plunging more than 5%, Chief executive Mark Dixon said: "The new world of working is changing dramatically, and the long-term structural drivers for our industry are strengthening, which is very encouraging, However, while the Covid-19 pandemic continues, we expect our third quarter to be particularly challenging." In its half-year results, IWG posted a 3.5% rise in revenue to £1.32bn for the six months to 30 June, compared with £128bn in the first six months of 2019. Adjusted EBITDA declined from £189.8m in 2019 to £137,4m at the end of June this year. The firm currently has £830.3m of available liquidity.