Business
Annual Financial Report Announcement
Annual Financial Report Announcement.
About this update from International Workplace Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 7679E\n IWG PLC\n 03 March 2020\n \n \n \n \n 3 March 2020\n \n IWG plc - ANNUAL FINANCIAL REPORT ANNOUNCEMENT - YEAR ENDED 31 DECEMBER 2019\n IWG plc, the global operator of leading cowork and workspace brands, today announces its annual results for the year ended 31 December 2019\n Transformational year: Excellent franchising momentum, strong revenue growth and record profit\n Key Highlights\n Strong revenue growth and record profit\n \n • Open centre revenue at constant currency up 15.0% to £2,569.8m, all regions contributing strongly\n \n • Pre-2018 revenue and EBITDA up 3.6% and 15.0% respectively at constant currency\n \n • Open centre operating profit up 11% at constant currency to £176.2m\n \n • Operating profit up 8% at constant currency to £137.7m after continued significant investment\n \n • Record profit before tax of £489.5m, including profit on master franchise agreements (MFAs)\n Excellent franchising momentum, commitment of over 400 locations\n \n • Long-term MFAs completed in Japan, Taiwan and Switzerland for a total cash consideration of £424.6m\n \n • Completed MFA in respect of Gibraltar and Monaco in February 2020\n \n • Regional franchise agreements signed with multiple partners across many geographies\n \n • Strong pipeline of MFAs and regional franchises, more than 40 transactions under discussion\n Strong demand\n \n • Record enquiries as companies focus on sustainable and more flexible working practices\n \n • New enterprise account wins across all geographies\n \n • Strong growth from existing enterprise accounts\n Record cash generation, strong balance sheet and increased returns to shareholders\n \n • Cash flow pre-growth of £649.2m, 72.7p per share\n \n • £107.7m returned to shareholders in the period via dividends and share repurchases\n \n • Share repurchase programme increased back to £100m\n \n • Net debt reduced from £460.8m to £294.1m; net debt : EBITDA ratio of 0.7x\n Continued investment in company owned network and global platform infrastructure\n \n • Now in 3,388 locations worldwide, with 62.5m sq. ft. of space\n \n • Expanded network with 2 new countries and 43 new cities\n Annual results\n \n \n \n \n \n £m\n \n \n \n \n 2019\n \n \n (IFRS 16)\n \n \n \n \n 2019\n \n \n (IAS 17)\n \n (1)\n \n \n \n \n \n 2018\n \n \n (IAS 17) \n \n (1)\n \n...