BREAKING NEWS

BREAKING NEWS

Office space firm IWG's first-quarter revenue up more than 10 percent

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(Reuters) - British office space provider IWG Plc said on Wednesday revenue for the first quarter was up over 10 percent, driven by double digit growth across America, Europe and Middle East.

The company behind the Regus and Spaces brand said its quarterly performance was in line with expectations and new 2018 and 2019 location openings were developing according to plan.

In April, the company had agreed to sell its Japanese operations to TKP Corp for 320 million pounds as part of a strategic partnership.

IWG has been looking to close or refurbish locations in the UK and some other markets to revive its business, which has been hit by a weak property market in London and higher costs.

The company's UK operations had a small decline in revenue for the quarter, while France, Germany and Spain boosted overall revenue.

IWG said it expects capital expenditure of about 230 million pounds for 2019 and plans to add 6 million square feet of new space this year.

Occupancy was up 4.2 percent at 75.4 percent in the reported period.

(Reporting by Sangameswaran S in Bengaluru; Editing by Shounak Dasgupta)

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