Business
Third Quarter Trading Statement - 2 November 2021
Third Quarter Trading Statement - 2 November 2021.
About this update from International Workplace Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9900Q\n IWG PLC\n 02 November 2021\n \n \n \n \n \n \n THIRD QUARTER TRADING STATEMENT - 2 November 2021\n \n \n \n \n \n IWG plc, the leading global provider of workspace brands, today issues its trading update for the period ended 30 September 2021.\n \n \n \n \n \n Trading continues to strengthen during Q3\n \n \n Positive cash-flow from operations\n \n \n Review of digital and platform strategy underway\n \n \n Accelerating run-rate into 2022\n \n \n \n \n \n \n \n \n \n \n \n Key Highlights\n \n \n · \n Total Group system-wide revenue of £620.7m \n \n \n · \n Open centre revenue increased by 5.2% from Q2 to Q3; Q3 up 5.2% year-on-year\n \n \n · \n On track to achieve targeted annualised run rate cost savings of approximately £320m by year-end\n \n \n · \n Accelerating new customer wins with over 1,100 new enterprise customers signed in Q3\n \n \n · \n Good momentum in franchising, with new growth commitments totalling 102 locations\n \n \n · \n Preliminary strategic review validating the feasibility of separating the Group's digital, technology and property assets is underway\n \n \n \n \n \n \n \n \n \n £m\n \n \n \n \n Q3\n \n \n 2021\n \n \n \n \n \n \n \n Q3\n \n \n 2020\n \n \n \n \n \n \n \n % change constant currency\n \n \n \n \n % change actual currency\n \n \n \n \n YTD\n \n \n 2021\n \n \n \n \n \n \n \n YTD\n \n \n 2020\n \n \n \n \n \n \n \n % change constant currency \n \n \n \n \n % change actual currency\n \n \n \n \n \n \n System-wide revenue\n \n \n \n \n 620.7\n \n \n \n \n 642.7\n \n \n \n \n 0.3%\n \n \n \n \n (3.4)%\n \n \n \n \n 1,798.2\n \n \n \n \n 2,094.0\n \n \n \n \n (9.9)%\n \n \n \n \n (14.1)%\n \n \n \n \n \n \n Open centre revenue\n \n \n \n \n 544.6\n \n \n \n \n 535.7\n \n \n \n \n 5.2%\n \n \n \n \n 1.7%\n \n \n \n \n 1,562.8\n \n \n \n \n 1,727.5\n \n \n \n \n (5.4)%\n \n \n \n \n (9.5)%\n \n \n \n \n \n \n Group revenue\n \n \n \n \n 550.8\n \n \n \n \n 571.8\n \n \n \n \n (0.3)%\n \n \n \n \n (3.7)%\n \n \n \n \n 1,595.6\n \n \n \n \n 1,868.2\n \n \n \n \n (10.8)%\n \n \n \n \n (14.6)%\n \n \n \n \n \n \n Pre-2020 revenue\n \n \n \n \n 504.2\n \n \n \n \n 521.9\n \n \n \n \n 0.0%\n \n \n \n \n (3.4)%\n \n \n \n \n 1,461.7\n \n \n \n \n 1,702.7\n \n \n \n \n (10.3)%\n \n \n \n \n (...