Business
IWG - 2022 Preliminary Results
IWG - 2022 Preliminary Results.
About this update from International Workplace Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 March 2023\n \n \n PRELIMINARY RESULTS ANNOUNCEMENT\n \n \n IWG plc, the largest provider of hybrid workspace globally including its Regus and Spaces brands and an unrivalled network of 3,345 buildings across 120 countries, issues its preliminary results for the twelve months ended\n31 December 2022.\n \n \n IWG DELIVERS HIGHEST-EVER REVENUE IN ITS 34-YEAR HISTORY\n \n \n ·\n Highest-ever revenue in IWG's 34-year history with 24% growth in system-wide revenue to £3.1bn\n \n \n ·\n Highest-ever network footprint of more than 65 million sq. ft. - market leader worldwide by far\n \n \n ·\n Continued cost discipline with central overhead costs remaining almost flat, despite global inflationary pressure\n \n \n ·\n Momentum continues going into 2023 with higher revenue, higher operating profit, higher occupancy and higher pricing in December 2022\n \n \n ·\n All delivered with operating profit of £147m in 2022\n \n \n Delivering both growth and cash in 2022\n \n \n ·\n System-wide revenue1 growth of 24% reflecting both increased demand for flexible working and higher pricing\n \n \n ·\n EBITDA2 increase of 442% to £317m (2021: £59m) driven by combination of higher revenue and cost focus\n \n \n ·\n Cash flow from business activities of £151m (2021: outflow of £(219)m), delivering net debt reduction\n \n \n ·\n 26.5% of building capacity remaining with occupancy at 73.5%\n \n \n Clear progress on expansion priorities\n \n \n ·\n Record signing of 462 new capital-light contracts completed in 2022 delivering both further capacity increases across the network and an even more unrivalled global network\n \n \n ·\n Continued strong momentum for new capital-light contracts with 2023 signings on track to exceed 2022\n \n \n ·\n Network now at 3,345 locations worldwide, with 65.1 million sq. ft. of space under management\n \n \n Worka\n \n \n ·\n Continue to deliver on announced strategy to combine IWG's digital assets together with the Instant Group (investment in 2022) under a new brand, Worka\n \n \n ·\n Total Worka revenue up 105% year-on-year to £271m (2022 pro-forma4 revenue: £304m), with EBITDA of £112m\n(2022 pro-forma4 EBITDA: £117m)\n \n \n ·\n IWG reaffirms Worka to operate independently, continuing plans to evaluate reducing its ownership stake\n \n \n...