Finance

IWG reveals further UK closures as profit falls

By 2019-03-06T08:16:00

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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