IWG’s share price rose 2.65% on Wednesday to 237.74p after announcing it is set to close some locations in underperforming markets after reporting a fall in pre-tax profit.

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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.

The FTSE 100 rose 0.17% over the day on Wednesday to 7,196.00 points while the FTSE EPRA/NAREIT UK dropped 0.91% to 1,719.45.

On Wednesday afternoon the pound was down 0.33% against the euro at €1.1618 and down 0.28% against the dollar at $1.3141.