Business
Interim Results Announcment
Interim Results Announcment.
About this update from International Workplace Group Plc
[{"type":"text","content":"\n \nRNS Number : 9770H IWG PLC 06 August 2019 \n\n \n \n \n \n \n6 August 2019\n \nIWG plc - INTERIM RESULTS ANNOUNCEMENT - SIX MONTHS ENDED 30 JUNE 2019\n \nIWG plc, the global operator of leading co-work and workspace brands, today announces its interim results for the six months ended 30 June 2019\n \nStrong sales growth and franchising momentum in first half of 2019\n \nKey Highlights(1) \n \nContinued revenue and profit growth\n• Open centre revenue up 15.1%(2) to £1,275.0m\n• Pre-2018(3) revenue increased 5.2%(2) to £1,154.9m\n• Pre-2018(3) EBITDA up 22%(2) to £229.7m\n• Profit after tax of £294.9m, including profit on Japan transaction\n \nExcellent franchising momentum and progress\n• £320m partnership transaction in Japan completed, long-term master franchise underway\n• Franchise agreements signed with multiple partners, commitment of over 300 locations\n• Strong interest from third parties wanting to operate IWG brands across a wide range of geographies\n \nStrong growth in enterprise accounts\n• Winning many new global clients\n• Strong growth momentum with existing enterprise accounts, revenue from top 300 accounts up c.30%\n \nRecord cash generation, strong balance sheet and announcement of increased return to shareholders\n• Cash flow pre-growth of £385.1m, 43.0p per share\n• Proposed 10.3% increase in interim dividend to 2.15p\n• £100m share repurchase programme announced\n \nSignificant capital investment in network and global platform infrastructure\n• Net growth capital investment of £185.5m adding 114 new locations (all organic) and 3.0m sq. ft. \n• Now in 3,334 locations worldwide, with 58.8m sq. ft. of space\n• Expanded the network with 2 new countries and 22 new cities\n \nIFRS 16\n• The adoption of IFRS 16 impacts the Group's financial reporting only\n• The fundamentals of the business have not changed, with revenue, cash generation and returns unaffected\n \n\n\n\n\nInterim results\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n£m\n\n\n H1 2019\n(IFRS 16 basis)\n\n\nH1 2019\n(IAS 17 basis)\n\n\nH1 2018\n(IAS 17 basis)\n\n\n% change constant currency\n(IAS 17 basis)\n\n\n...