IWG reveals further UK closures as profit falls

Mark Dixon

Serviced office group IWG is set to close some locations in underperforming markets, including in the UK, to bring its performance back on track, after reporting a fall annual pre-tax profit.

IWG recorded a 7% drop in pre-tax profit of £138.7m for the year to 31 December, compared to £149.4m in 2017. However, the group reported a 7.8% rise in revenue to £2.5bn. Earnings per share were down 6% to 11.7p, while net debt was up 43% to £460.8m.

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