Business
Third Quarter Trading Statement
Third Quarter Trading Statement.
About this update from International Workplace Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0164E\n IWG PLC\n 03 November 2020\n \n \n \n \n \n THIRD QUARTER TRADING STATEMENT - 3 November 2020\n \n \n \n \n \n IWG plc, the leading global operator of workspace brands, today issues its trading update for the period ended 30 September 2020.\n \n \n \n \n \n Strong cash performance in the quarter; continuing increased interest in flexible working\n \n \n \n \n \n Key Highlights\n \n \n · \n The health and wellbeing of our customers, partners and team members remains our highest priority\n \n \n · \n Continued strong cash performance:\n \n \n - \n £26.8m of net cash generation in the third quarter\n \n \n - \n Positive net cash position of £10.9m at 30 September 2020\n \n \n - \n Liquidity headroom of £863.2m at 30 September 2020\n \n \n · \n Significant customer support provided, with measures worth approximately £80m year to date\n \n \n · \n On track to achieve targeted annualised cost savings of approximately £200m\n \n \n · \n Increasing demand from corporates, three-fold increase in conversations with large companies\n \n \n · \n Number of large management agreements signed, attractive pipeline of opportunities\n \n \n · \n Continuing good momentum in franchising, with a further four multi-location deals signed in Q3\n \n \n · \n Close to first deployment of capital raised in Q2, with deals in final stages of due diligence\n \n \n · \n COVID-19 related network rationalisation programme currently tracking in line with expectations\n \n \n · \n Net reduction of 33 locations in Q3, taking worldwide network total to 3,359 locations\n \n \n \n \n \n \n \n \n \n £m\n \n \n \n \n Q3\n \n \n 2020\n \n \n \n \n \n \n \n Q3\n \n \n 2019\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 2020 \n \n \n \n \n \n \n \n YTD\n \n \n 2019\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 Open centre revenue\n \n \n \n \n 573.9\n \n \n \n \n 636.0\n \n \n \n \n (5.5)%\n \n \n \n \n (9.8)%\n \n \n \n \n 1,852.9\n \n \n \n \n 1,790.7\n \n \n \n \n 5.0%\n \n \n \n \n 3.5%\n \n \n \n \n \n \n Group revenue\n \n \n \n \n 583.3\n \n \n \n \n 680.3\n \n \n \n \n (10.2)%\n \n \n \n \n (14.3)%\n \n \n \n \n 1,9...